PPU counsels Linde on merger with Praxair
Chilean law firm Philippi Prietocarrizosa Ferrero (PPU) has advised German chemical company Linde on anti-trust issues concerning its merger with Praxair.
Linde is the world’s largest industrial gas company by market share, while US-based Praxair is the third-largest industrial gas company by revenues and the largest in the Americas.
The merger is valued at $87 billion and was concluded on 22 October, following approval from the US Federal Trade Commission (FTC) and the European Commission’s approval of the buyer of Praxair’s divested businesses in Europe.
In an anti-trust ruling, the FTC had ruled that Linde and Praxair must sell more assets to avoid unfair competition.
The combined company will be a global industrial gas market leader, with expected annual revenues of $27 billion, and with more than 80,000 employees in more than 100 countries, serving some two million customers.
PPU’s counsel to Linde consisted of the specific analysis of all antitrust related issues pertaining to the merger operation, including the preliminary analysis of the operation and all procedures before Chile’s National Economic Prosecutor’s Office (FNE) in order to obtain the relevant authorities’ approval.
The law firm’s role also included economic analysis regarding risks associated with the operation.
PPU director Ignacio Larraín and associates Álvaro Espinosa, Catalina Montero and Gabriel Budnik were engaged as counsel to Linde.
