Airgas Shareholders Vote on Takeover by Air Liquide

A special meeting of shareholders of US gases producer Airgas to approve the company’s pending acquisition by Air Liquide of France has been scheduled for February 23.

Opposition to the deal, which already has been unanimously approved by the boards of both gases producers, will close following approval by the Airgas shareholders, all antitrust and other regulatory approvals, as well as additional customary closing conditions.

In an update on the transaction, the companies said the transaction is progressing as expected. Assuming timely receipt of the required regulatory clearances and satisfaction of other closing conditions, the merger is expected to be concluded in the second or third quarter of 2016.

Bridge financing, initially underwritten by Barclays Bank and BNP Paribas, has since been syndicated among a large group of international banks that have longstanding working relationships with Air Liquide.

Air Liquide meanwhile has told the Texas business newspaper Houston Business Journal the timeline for completing a redevelopment project at its complex in the Bayport Industrial District in La Porte, Texas, has been moved forward by several months.

Groundbreaking ceremonies were held in May 2014, and start-up was announced for two years hence. The redevelopment is now scheduled to be completed before the end of the current quarter, the newspaper said.

The $230 million redevelopment project includes upgrades to a cogeneration unit as well as upgrading and expanding the capacity of an air separation unit and additional infrastructure.