The Competition Commission of India (CCI) on Friday approved the merger of industrial gases giants Linde Aktiengesellschaft and Praxair Inc, subject to compliance of certain conditions.
"CCI India approves combination of Linde and Praxair, subject to compliance of certain modifications," the fair trade regulator tweeted paving the way for merger of German industrial gases group Linde and its U.S. rival Praxair.
The CCI had received a notice filed by Linde Aktiengesellschaft and Praxair on January 11, 2018 in relation to their merger under a newly incorporated holding company Linde Plc.
The regulator on May 26 had invited comments from the general public on the proposed merger of the two companies before granting the antitrust clearance.
Linde Plc is a public limited company formed on April 18, 2017. It will become the parent company of Praxair Inc and Linde AG upon completion of the business combination. Linde Plc will be owned by the two companies' current shareholders.
Completion of the business combination remains subject to timely approval by requisite governmental regulators and authorities under applicable competition laws, Linde said in a statement.
Linde Group, one of the leading gases and engineering companies in the world, has about 58,000 employees working in more than 100 countries.
Praxair Inc is a leading industrial gas company in North and South America with about 26,000 employees globally.
--IANS
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