Linde buys remaining stake in Elgas for €126m

02 October 2008 09:27  [Source: ICIS news]

SINGAPORE (ICIS news)--Germany’s oil and gas engineering group Linde AG has bought the remainder of Australian liquefied petroleum gas (LPG) company Elgas from its joint-venture partner AGL Energy for €126m ($177m), the company said on Thursday.


"This transaction will enable us to strengthen our position as the leading supplier of gases in Australia,” said Wolfgang Reitzle, Linde’s CEO.


Reitzle was upbeat about the synergies between the LPG business and Linde’s industrial gas business.


“We can leverage the Elgas infrastructure and management to expand and improve our combined LPG business across Australia and New Zealand," he said.


Elgas operates the largest LPG storage facility at Port Botany in Sydney.


Elgas, the largest LPG marketer in Australia, was previously owned equally by AGL Energy of Australia and Linde subsidiary BOC Ltd.


($1 = €0.71)


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By: Pearl Bantillo
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