German investors’ association DSW recommended on Monday that shareholders in industrial gases group Linde (LING.DE) not tender their shares in an exchange offer for its planned $80 billion merger with U.S. peer Praxair (PX.N).
DSW said in a statement that the offer was too low.
“Why should a Linde shareholder swap their shares, if they are basically only being offered the current market value?” said DSW vice president Daniela Bergdolt. “Linde brings so many more values to this merger. That must be taken into consideration.”
The acceptance period ends at midnight on Oct. 24.
The planned all-share merger will create a global leader to overtake France’s Air Liquide (AIRP.PA) with a combined market value of $80 billion, revenue of $28.7 billion and 88,000 staff.
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