Air Liquide to Buy Airgas
November 17 2015 - 3:07PM
Dow Jones News
By Maria Armental
Air Liquide SA agreed to buy U.S.-based Airgas Inc. in a deal
valued at $13.4 billion, including debt, that would strengthen the
French industrial-gas leader's position in North America.
Bloomberg reported the negotiations earlier Tuesday, citing
people familiar with the discussions.
Under the deal's terms, Air Liquide would pay Airgas
shareholders $143 a share. Earlier Tuesday, Airgas's shares were
halted for trading at $114.04.
The deal, unanimously approved by the companies' respective
boards, is subject to regulatory and Airgas shareholders'
approval.
Based in Paris, Air Liquide has operations in 80 countries and
supplies customers across a swath of sectors, from the steel
industry to the pharmaceuticals to hydrogen-recharging stations for
cars. With its Americas' headquarters in Houston, Air Liquide has
more than 140 industrial gas plants in the U.S.
In 2014, Air Liquide reported EUR15.4 billion in revenue.
Radnor, Pa.-based Airgas is one of the largest suppliers of
industrial, medical and specialty gases in the U.S. and one of the
largest producers of atmospheric gases, including oxygen, nitrogen
and argon. For the year ended March 31, it reported $5.30 billion
in sales, with the bulk of its operations focused on the U.S.
Write to Maria Armental at maria.armental@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 17, 2015 14:52 ET (19:52 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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