Investing.com - German's (DE:Linde) has agreed "essential" non-binding terms of a merger of equals with U.S. rival (NYSE:{{7912|Praxair}).
The tie-up would create an industrial gases giant in a deal worth some $65 bn.
The merger will take place through a holding company Linde plans to set up under its name, Linde said Tuesday.
Linde shareholders will receive 1.54 shares in holding for each Linde, Praxair (NYSE:PX) shareholders on one-for-one basis.
Linde said it sees annual synergies for the combined company of $1 bn.
Praxair CEO Steve Angel will be CEO of merged company, Linde's Wolfgang Reitzle chairman. .