Linde wants speedy close of BOC deal

By Christiaan Hetzner

FRANKFURT (Reuters) - German industrial gases and forklifts group Linde (LING.DE: Quote, Profile, Research, Stock Buzz) wants a speedy close of its acquisition of UK gases rival BOC BOC.L and is willing to sell more assets than anticipated to avoid antitrust problems.

"I'm willing to give away in such a situation, (should) we face this, even a little bit more than necessary to make it fast. Our willingness is there to fulfil the requirements of antitrust (officials), without arguing," Linde Chief Executive Wolfgang Reitzle said at the Reuters Chemicals Summit on Thursday.

The Wiesbaden-based engineering conglomerate has launched an agreed bid of 1,600 pence per share that values BOC at 15 billion euros ($18.1 billion), including debt, in a deal that would make it the world's biggest industrial gases producer.

Linde will shed its forklifts division as part of the move, creating a new company with pro-forma gas and engineering revenue of 11.9 billion euros and surpassing current number one Air Liquide (AIRP.PA: Quote, Profile, Research, Stock Buzz), which has revenues of 10.4 billion euros.

Reitzle has already told European Union competition authorities he would sell Linde's UK gases business, where it generates 50 million euros in sales, and expects it would probably sell BOC's business in Poland to soothe cartel concerns.

"Sure, we could now start along the negotiation process in trying to get an approval for a certain mix and match in Poland, look at all the combined assets and then cherry-pick and offer them only the not-so-well performing businesses and keep the very best," he said.

"That would be possible, but it would take longer. So for us speed is very important. Therefore the idea is just to say make it simple -- just offer," he continued.

Reitzle said Linde already enjoyed the goodwill of the U.S. cartel office, the FTC, since the deal would allow an enlarged player to offer more competition to the three large companies there -- Air Liquide, Praxair Inc. (PX.N: Quote, Profile, Research, Stock Buzz) and Air Products and Chemicals Inc. (APD.N: Quote, Profile, Research, Stock Buzz).  Continued...