Linde avoids open offer route in BOC

BOC Group plc, UK, will continue to be the promoter of BOC India in its present form. In an intimation to the stock exchanges, BOC India has said Linde AG was now the owner of BOC India, following the sanction by the UK court.

The scheme of arrangement under which Linde AG acquired the ownership of the BOC Group plc has become effective.

However, BOC Group plc would continue to hold 54.8 per cent of the paid up share capital of BOC India.

Sources said this was because on the operating level, the Linde and BOC brands would remain unchanged. "Hence Linde will not have to make an open offer for BOC India as the scheme of arrangement is in the UK," they said.

"Linde" and "The BOC Group" have become "The Linde Group". The name change applies to the group only.

The merger, which took place on September 5 created a global leader of industrial gases and engineering companies.

In India, Linde's business pertained to basic and detailed engineering. Industry sources pointed out that Linde was known for its technology and BOC for gases.