add items to your
binder to email or
print all at once
Items In Binder
Site Lawyers
Linde's Agreement with Praxair on Essential Terms of Potential Merger of Equals

On December 20, 2016, the Executive Board of Linde AG (“Linde”), upon approval of the Supervisory Board, agreed on a non‑binding term sheet with Praxair, Inc. (“Praxair”) governing the essential terms and conditions of a potential merger of equals between the two companies. The term sheet provides for a combination of the group’s business under a publicly traded new holding company bearing Linde’s name, and the new holding company will launch a public exchange offer to the shareholders of Linde. Cravath is representing Linde in connection with the transaction, which is expected to result in approximately $1 billion in annual synergies. The combination would create a company with pro forma revenues of approximately $30 billion, prior to any divestitures, and a current market value in excess of $65 billion.

The Cravath team is led by partner Richard Hall and includes partner Aaron M. Gruber and associates Nicholas A. Dorsey and Jessie Chiang on M&A matters and partner J. Leonard Teti II and associate Lingfeng Li on tax matters.