Air Liquide proposed acquisition of Messer: the European Commission announced its approval

16-Mar-2004

On March 15, 2004 the European Commission announced its approval of Air Liquide's proposed acquisition of Messer Griesheim's industrial gas business in Germany, the United Kingdom and the USA under certain conditions. First announced on January 20, 2004, the proposed acquisition, which has been approved by Messer Griesheim's current shareholders, is subject to the prior approval of antitrust authorities in Europe and the United States.

As a result of the process undertaken with the European Commission, Air Liquide has agreed to a certain number of divestitures to comply with competition laws and secure the required authorization in a reasonable timeframe. These divestitures, with sales in Germany totaling around 200 million euros (pro forma 2003), include Large Industries and Industrial Customer activities mainly from the acquired business, as well as Messer's share in an electronics joint venture. They represent a package that is in line with the anticipated financial and synergy scenario. Total divestments amount to less than 25% of the acquired activities in Europe, excluding Electronics.

These divestments will occur when all of the closing conditions of the acquisition have been fulfilled, notably the approval from the US antitrust authorities (Federal Trade Commission - FTC) and the financing by the Messer family of the retained assets. A number of industrial companies have already shown interest in these activities as well as in potential divestitures in the United States.

The acquisition will give Air Liquide a strengthened position in Germany, with sales of almost one billion euros. All of the Group's industrial, healthcare and services activities will be present in Germany, well positioned for growth and leveraging the Group's innovation capabilities.

https://www.chemeurope.com/en/news/36061/air-liquide-proposed-acquisition-of-messer-the-european-commission-announced-its-approval.html