As you may be aware, the global merger between Linde Aktiengesellschaft (the erstwhile ultimate parent of Linde India) ('Linde AG') and Praxair, Inc. ('Praxair') (the erstwhile ultimate parent of Praxair India) was completed/closed on 31 October 2018 ('Global Transaction').
In connection with the above, we have received queries from certain minority shareholders of Linde India inquiring about potential integration plans between Linde India and Praxair India. We wish to address the same by way of this announcement.
As stated in an earlier intimation dated 5 December 2018, after completion of the Global Transaction, Linde AG and Praxair have been focusing on finalizing the divestitures required by the respective antitrust authorities globally including certain divestitures in the United States (U.S.) which are required to be completed, in accordance with the approval for the Global Transaction received in the U.S. from the Federal Trade Commission ('FTC') on 22 October 2018. The FTC approval specifically included a Hold Separate Order ('HSO') which required that, until completion of the majority of such divestitures in the U.S., Linde AG and Praxair operate their businesses globally as separate and independent companies, and not coordinate any of their commercial operations. The HSO also prohibited the companies from sharing commercially sensitive information between themselves. On 1 March 2019, the aforesaid divestitures were completed and the HSO ceased to be applicable.
The lifting of the HSO as above, now permits Linde India to have an insight into the businesses and assets of Praxair India, thereby enabling Linde India to actively evaluate various options and plans available to Linde India and Praxair India for possible/potential integration between the two companies. Over the next hundred days, Linde India will evaluate an appropriate integration plan for realizing synergies between the competing/synergistic businesses of Linde India and Praxair India.
Linde India will make appropriate announcements with respect to the same in due course.
You are requested to please disseminate the above announcement for information of our shareholders and investors.
This may please be treated as compliance under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.