German engineering conglomerate Linde plans to buy British industrial gas group BOC in an £8.2 billion deal that would make it the world's biggest industrial gas maker.
Linde said in a statement it was offering to buy BOC for £16 per share, financing the deal through a combination of new shares, bank loans and proceeds from divestments.
The £8.2 billion price tag represented a 40% premium over the average closing price of BOC shares in the three months before January 23, when Linde made its first offer, the German company said.
Linde's original offer price of £15 per share had been dismissed as too low by BOC management. But the British company's board is now backing the offer after negotiations.
A combination of Linde and BOC is set to create the world's biggest industrial gas maker ahead of French giant Air Liquide.
