Air Liquide Launches EUR3.3 Billion Capital Increase to Part Finance Airgas Deal
September 13 2016 - 2:48AM
Dow Jones News
By Inti Landauro
PARIS--French industrial gas supplier Air Liquide SA (AI.FR)
said Monday it plans to raise 3.3 billion euros ($3.71 billion)
through the sale of new shares to help finance its acquisition of
U.S. rival Airgas.
The sale will run from Sept. 14 to Sept. 28 and existing
shareholders will have priority, with the right to buy one new
share for every eight already held.
Shares are being sold at EUR76 each, 21% below Air Liquide's
closing share price on Friday.
The capital increase represent 12.5% of the company's existing
shares. The transaction is being underwritten by a syndicate of
banks.
Overall Air Liquide plans to finance the $13 billion acquisition
with the sale of EUR3 billion worth of bonds in Europe already
carried out and plans to raise a further $4.5 billion in bonds in
the U.S.
Air Liquide's acquisition of Airgas Inc. in May enabled the
French company to reclaim the No. 1 spot among makers of gases used
in manufacturing, food production, and health care, with annual
revenue of more than $23 billion. Following that merger, two other
rivals, Germany's Linde AG (LIN.XE) and Praxair Inc. (PX) launched
merger talks that collapsed earlier this week.
-Write to Inti Landauro at inti.landauro@wsj.com
(END) Dow Jones Newswires
September 13, 2016 02:33 ET (06:33 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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