Moscow. November 18. French Air Liquide buys U.S. rival Airgas Inc. for a club-record sum of $10.3 billion acquisition will enable Air Liquide’s leading position in the market of industrial gases in the USA and Canada.
According to Air Liquide, the French conglomerate offered $143 per share Airgas. This amount is 50.6% higher than the average value of the securities during the month of trading before announcement of the transaction. Four years ago, Airgas was able to fend off a hostile takeover with half price promotions, which tried to pursue the American Air Products.
The value of the enterprise Air Gas as part of the transaction is equal to $13.4 billion, or 12.5 billion euros.
Following the acquisitions Airgas will become a subsidiary 100% owned by Air Liquide.
According to the companies, in the market of liquefied gases and welding equipment in the USA, annual turnover of which exceeds $13 billion, Airgas controls 25%, outpacing all the competitors, Air Liquide ranks fourth. Despite this, analysts do not expect problems with approval of the antitrust authorities.
Shares of Airgas rose at auction in new York on Tuesday by 29% to $137,35. Quotations ADR Air Liquide rose 4% on OTC platforms.
Air Liquide, founded in 1902, is one of the largest world companies producing industrial and medical gases, air separation plants and related services. Headquarters Air Liquide is based in Paris, the company is represented in 80 countries, the number of employees exceeds 50 thousand, including more than 5 thousand in the United States. The annual revenue of the French concern – 15.4 billion euros.
Founded Airgas in 1982 and is based in Pennsylvania. The company receives 98% of its revenue in the US, also work in Mexico and Canada. Annual turnover – $5.3 bn.