Merged Linde and Praxair company to be based in Ireland
Product of $70 billion gas merger to be plc under Irish law says chief executive
The German and US rivals had said they planned to put the headquarters of their new holding company in a European country outside Germany. Photograph: iStock
The new company formed from the planned $70 billion merger of German industrial gases giant Linde and US peer Praxair will likely be based in the Republic with a tax domicile in the UK, its chief executive told shareholders on Wednesday.
“The new holding company should be a plc under Irish law,” Aldo Belloni said at the Linde annual shareholder meeting.
The German and US rivals had said they planned to put the headquarters of their new holding company in a European country outside Germany.
A move to domicile in Ireland had previously been rumoured.
Operations are set to be run from Praxair’s headquarters in Danbury, Connecticut, although Mr Belloni said Linde’s current home city of Munich would be bigger in terms of headcount.
Mr Belloni on Wednesday defended the planned merger, despite fierce trade union opposition that has raised investor concerns.
He said the deal would create value “for everyone involved, especially for you the shareholders,” adding his voice to that of chairman Wolfgang Reitzle, who is widely seen as the driver of the deal.
“I’ve been with this company for 37 years and know countless colleagues in Germany and abroad personally. I can assure you that the planned merger also has great support in the Linde workforce,” Mr Belloni told the agm in Munich.