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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Air Liquide SA | EU:AI | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.08 | 1.14% | 183.98 | 183.70 | 184.00 | 183.98 | 181.42 | 182.70 | 514,727 | 16:40:00 |
By Inti Landauro
PARIS--French industrial gas supplier Air Liquide SA (AI.FR) said Monday it plans to raise 3.3 billion euros ($3.71 billion) through the sale of new shares to help finance its acquisition of U.S. rival Airgas.
The sale will run from Sept. 14 to Sept. 28 and existing shareholders will have priority, with the right to buy one new share for every eight already held.
Shares are being sold at EUR76 each, 21% below Air Liquide's closing share price on Friday.
The capital increase represent 12.5% of the company's existing shares. The transaction is being underwritten by a syndicate of banks.
Overall Air Liquide plans to finance the $13 billion acquisition with the sale of EUR3 billion worth of bonds in Europe already carried out and plans to raise a further $4.5 billion in bonds in the U.S.
Air Liquide's acquisition of Airgas Inc. in May enabled the French company to reclaim the No. 1 spot among makers of gases used in manufacturing, food production, and health care, with annual revenue of more than $23 billion. Following that merger, two other rivals, Germany's Linde AG (LIN.XE) and Praxair Inc. (PX) launched merger talks that collapsed earlier this week.
-Write to Inti Landauro at inti.landauro@wsj.com
(END) Dow Jones Newswires
September 13, 2016 02:33 ET (06:33 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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