Linde shares up 4.5% on Dow takeover rumour

04 January 2008 16:17  [Source: ICIS news]

LONDON (ICIS news)--Linde shares gained nearly 5% on Friday amid market speculation that Dow Chemical was lining up a takeover bid for the German industrial gases group.

 

At 16:25 (CET), Linde’s shares were trading at €94.97 on Germany's XETRA stock exchange, 4.45% higher than Thursday’s close.

 

In December, US chemicals major Dow said it would consider large takeovers as $9.5bn in cash was released from its new plastics joint venture with Kuwait’s Petrochemical Industries Co (PIC).

 

“We made clear that the next step is growing our performance businesses,” said Dow spokesman Chris Huntley. “As a consequence there are rumours about what we may or may not have in our sights.”

 

The Midland, Michigan-based company has been linked with several potential takeover targets since the joint venture announcement, including Linde’s industrial gases rivals Air Liquide and Air Products.

ICIS Copyright © Reed Business Information 2009

Author: Mark Watts
+44 20 8652 3214

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