JOIN USThe Competition Commission of India (CCI) has launched a public scrutiny of the mega deal between industrial gas firms Linde, which is in the process of a merger with the Indian arm of US gas major Praxair, saying that the proposed merger is likely to have an appreciable adverse effect on competition.
The deal, announced last year, is worth over $70 billion.
The CCI is of the prima facie opinion that the proposed merger is likely to have an appreciable adverse effect on competition and, accordingly, has directed the parties, in terms of Section 29(2) of the Competition Act, 2002, to publish details of the merger for bringing the same to the knowledge or information of the public and persons affected or likely to be affected by such merger, CCI said in a statement.
On January 11, the CCI received a notice filed by Linde Aktiengesellschaft (Linde) and Praxair, Inc. (Praxair) (together Parties), in relation to the merger of Linde and Praxair under a newly incorporated holding company Linde Plc. Linde, headquartered in Munich, Germany, is primarily active in industrial gases and medical gases, specialty gases, helium and the related engineering and services sectors.
CCI invited comments, objections and suggestions in writing from persons adversely affected or likely to be affected by the proposed merger and gave 15 days to submit their view. “The commission is not likely to consider unsubstantiated objections,” it said.