Wiesbaden/Munich, 21 February 2007 - The technology group The Linde Group and the worldwide industrial and medical gases company Air Liquide today signed agreements to realign their joint ventures in Asia. Once the respective anti trust approvals have been received, Linde will purchase Air Liquide shares in the gas companies Malaysian Oxygen (Malaysia) and Hong Kong Oxygen & Acetylene (Hong Kong). In return, Linde will sell its shares in Singapore Oxygen (Singapore), Eastern Industrial Gases (Thailand), Vietnam Industrial Gases (Vietnam) and Brunei Oxygen (Brunei) to Air Liquide. Upon closing of the transactions, Linde will receive a net purchase price of EUR 275 million.
The move will give Linde full ownership of Hong Kong Oxygen & Acetylene and a 45 percent shareholding in Malaysian Oxygen. Following the closing of the acquisition of the shareholding in Malaysian Oxygen, Linde will be required to make a takeover bid to the free float shareholders to acquire the remaining 55 percent of the shares. This should enable Linde to achieve a targeted majority shareholding in Malaysian Oxygen. Based on a 20 percent premium on the average 3 months volume weighted share price, the takeover bid for the remaining 55 percent free float shareholders of Malaysian Oxygen will be worth the equivalent of approx. EUR 249 million. With approximately 880 employees, Malaysian Oxygen achieved sales of approximately MYR 637 million (EUR 139 million) during its last fiscal year (30 September 2006).
The pro-rata revenue that Linde is acquiring and selling through these transactions amounts in total to approx. EUR 125 million and approx. EUR 110 million respectively, based on the 2006 fiscal year.
A realignment of the shareholdings in certain joint ventures in the Asia/Pacific region was one of the conditions imposed by the European Commission when it authorised the acquisition of The BOC Group plc by Linde, a transaction which was completed on 5 September 2006. Linde had committed to terminate joint ventures between BOC and Air Liquide to the extent agreed with the Commission, either by selling the BOC shares or by purchasing the Air Liquide shares.
For further information:
Press
Uwe Wolfinger
Tel.: +49.89.35757-1320
Investor Relations
Thomas Eisenlohr
Tel.: +49.89.35757-1330