Air Liquide eyes small-mid-sized buys

FRANKFURT (Reuters) - Air Liquide (AIRP.PA: Quote, Profile, Research, Stock Buzz) is ready for small and medium-sized takeover opportunities and will look at assets that industrial gases rival Linde (LING.DE: Quote, Profile, Research, Stock Buzz) has to sell if it succeeds in its takeover of Britain's BOC BOC.L.

"Anything that is available in acquisitions, small or mid-sized or perhaps even above, we will look at it, Chairman Benoit Potier said at the Reuters Chemicals Summit on Thursday, defining mid-sized as ranging between 100 million and 1 billion euros ($1.21 billion).

Air Liquide's expansion plans could include the business that Linde-BOC would need to sell to avoid competition problems in Poland, the UK and the U.S.

"It depends on what is for sale; the reality will be imposed by the antitrust authorities," Potier said. "If Poland comes up, it is interesting, like every other country."

France's Air Liquide is eyeing Eastern Europe as one of several growth markets, using its presence in Germany as a springboard after it bought some of Messer Griesheim's assets.

Potier said he expected all his rivals would be interested in the Linde-BOC assets. Air Liquide rivals include U.S. groups Air Products (APD.N: Quote, Profile, Research, Stock Buzz) and Praxair (PX.N: Quote, Profile, Research, Stock Buzz), as well as Germany's Linde.

"If you're talking about the industrial gas players, everyone will be interested in buying more market share if they have the ability to do it."

He declined to say what would happen to Air Liquide's joint ventures with BOC in Asia if Linde succeeded in the takeover.

Air Liquide and BOC jointly run Singapore Oxygen Air Liquide (SOXAL), as well as Japan Air Gases. BOC has the largest industrial market share in Asia.  Continued...