Air Liquide became the subject of speculation over the weekend that the industrial gas giant would throw itself into the ring along with Air Products, which launched a hostile takeover bid for Airgas on Friday.

Air Liquide's CEO Benoit Potier said his company is focused on growing markets and isn't looking to put a bid in for U.S.-based Airgas.

"The question doesn't really come up in the sense that our strategy is one of expansion in emerging countries and in new markets, or essentially in growing markets," Potier said during an interview on BFM Radio.