On June 1, 2017, Linde AG ("Linde") and Praxair, Inc. ("Praxair") announced that the companies have entered into a definitive business combination agreement to come together under a new holding company through an all-stock merger of equals transaction. The combination will create a company with a combined current market value in excess of $70 billion. Cravath is representing Linde in connection with the transaction.
William Fry is advising Linde AG (LING.DE) on its proposed merger with US industrial group Praxair Inc (PX.N) in a deal that will create the world’s largest supplier of industrial gas. The industry supplies gases such as oxygen and hydrogen used at hospitals, oil refineries, chemical plants and steel fabricators. The new company formed from the planned $70bn merger will likely be based in the Republic of Ireland.
Linde AG and Praxair, Inc. today announced the signing of a Business Combination Agreement on a merger of equals.
Linde AG and Praxair, Inc. have announced that the two companies have reached an agreement on the Business Combination Agreement and intend to combine in a merger of equals under a new holding company through an all-share transaction. The transaction is valued at a total of approximately 60 billion Euros. Also after possible signing of a Business Combination Agreement there is no assurance that a transaction will be consummated. The execution of the transaction will be in particular subject to its approval by the shareholders meeting of Praxair, Inc.
Global law firm White & Case LLP has advised United Arab Shipping Company Limited (UASC) and its major shareholders Qatar Investment Authority (QIA) and the Public Investment Fund of Saudi Arabia (PIF) on UASC's merger with Hapag-Lloyd AG, a listed company headquartered in Hamburg, Germany.
The merger creates the world's fifth biggest liner shipping company. The transaction was completed on May 24, 2017 after intensive negotiations with financing and refinancing lenders and after obtaining antitrust and foreign investment approvals.
On May 22, 2017, Clariant AG (SIX: CLN) and Huntsman Corporation (NYSE: HUN) announced that the companies have entered into a definitive agreement to combine in an all-stock cross-border "merger of equals". The combination of both companies will create a leading global specialty chemicals company with a combined enterprise value of approximately USD 20 bn.
Setterwalls has assisted Rederi AB Soya and Wallenius Lines AB in the cross border merger with Wilh. Wilhelmsen Holding ASA and Wilh. Wilhelmsen ASA. The merger creates a world-leading shipping and logistics platform. Wilh. Wilhemsen ASA, a company listed on the Oslo Stock Exchange, is paying a merger consideration consisting of approximately 200 million new shares with an estimated net value of SEK 8 billion (approximately USD 887 million).
Goltsblat BLP, the Russian practice of international law firm Berwin Leighton Paisner (BLP), has advised Fasten (owner of Saturn and RedTaxi brands), a major player on the taxi aggregator market in Russia, on its merger with RuTaxi.
Milbank, Tweed, Hadley & McCloy LLP has advised Affinitas GmbH on its merger with Spark Networks, Inc.
Affinitas, which operates premium dating platforms such as EliteSingles and eDarling, and Spark Networks, a leading brand for specialized online communities such as JDate and ChristianMingle, have entered into a definitive agreement to combine in a stock-for-stock merger, creating one of the world's largest online dating providers. Together, the two companies today have more than half a million subscribers.
Hogan Lovells is representing RLJ Lodging Trust, a Maryland-based, publicly traded real estate investment trust (REIT), in a merger transaction with Texas-based hotel REIT FelCor Lodging Trust Incorporated that will create the third largest pure-play lodging REIT with a combined enterprise value of US$7 billion. At closing, RLJ will be the largest pure-play public REIT dedicated to owning focused-service and compact full-service hotels.