by Attorney-at-law Martin Arendts
The planned merger of Linde and Praxair to become the world's largest gas group is currently in the hands of Linde shareholders. They still have a good two weeks to decide whether to exchange their shares in shares of the new holding company, Linde plc. Only if 75 per cent participate, the fusion will be executed according to the current plans. Criticism comes in particular from the German shareholder association Deutsche Schutzvereinigung für Wertpapierbesitz (DSW). DSW considers the offer as "simply too low." So far, the DSW had criticized above all the procedure. For example, DSW vice president Daniela Bergdolt criticized that Praxair shareholders were allowed to vote on the merger at a general meeting - unlike the shareholders of Linde. The other large shareholder association, Schutzgemeinschaft der Kapitalanleger (SdK), follows a differenciated approach. Although Sdk also criticizes the valuation of Linde as not adequate, shareholder should at least partly exchange their shares, as a failure of the merger would result in a drop of the share price.
statement of SdK:
http://www.sdk.org/assets/Stellungnahmen/Stellungnahme-der-SdK-zum-Uebernahmeangebot-der-Linde-plc-an-die-Aktionaere-der-Linde-AG-final.pdf
The planned merger of Linde and Praxair to become the world's largest gas group is currently in the hands of Linde shareholders. They still have a good two weeks to decide whether to exchange their shares in shares of the new holding company, Linde plc. Only if 75 per cent participate, the fusion will be executed according to the current plans. Criticism comes in particular from the German shareholder association Deutsche Schutzvereinigung für Wertpapierbesitz (DSW). DSW considers the offer as "simply too low." So far, the DSW had criticized above all the procedure. For example, DSW vice president Daniela Bergdolt criticized that Praxair shareholders were allowed to vote on the merger at a general meeting - unlike the shareholders of Linde. The other large shareholder association, Schutzgemeinschaft der Kapitalanleger (SdK), follows a differenciated approach. Although Sdk also criticizes the valuation of Linde as not adequate, shareholder should at least partly exchange their shares, as a failure of the merger would result in a drop of the share price.
statement of SdK:
http://www.sdk.org/assets/Stellungnahmen/Stellungnahme-der-SdK-zum-Uebernahmeangebot-der-Linde-plc-an-die-Aktionaere-der-Linde-AG-final.pdf
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