German investors’ association DSW has recommended that shareholders in industrial gases group Linde do not tender their shares in an exchange offer for its proposed $80 billion merger with US rival Praxair as the offer is too low, Reuters news agency has reported.

Reuters quoted DSW vice president, Daneila Bergdolt, as saying: “Why should a Linde shareholder swap their shares if they are basically only being offered the current market value? Linde brings so many more values to this merger. That must be taken into consideration.”

The 10-week acceptance period started on Aug. 15 and ends at midnight on Oct. 24.

If successful, the all-share merger would create a global gases leader with a combined market value of around $80 billion and annual sales of roughly $30 billion, overtaking the current leader, France’s Air Liquide.