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- Shares of Airgas, Inc. ARG spiked higher by more than 7 percent after Bloomberg reported the company is an acquisition target for Air Liquide SA (ADR) AIQUY.
- Details of the potential acquisition were leaked earlier this morning.
- Immediately before market open, an anonymous tip told Benzinga Air Liquide is considering a "binding offer" for Airgas in the U.S.
Shares of Airgas spiked higher by more than 7 percent after
Bloomberg reported that the company is targeted for an acquisition by Air Liquide.
France-based Air Liquide may announce an acquisition of its U.S. based peer as soon as this week, according to the report that cited people familiar with the discussions. Bloomberg also stated that no final decision had been made and the talks could fall apart.
Bloomberg noted that the French company has been expanding its presence across North America, Asia, and the Middle East. The industry has seen similar consolidation following German-based Linde's acquisition of US based Lincare Holdings for $3.8 billion.
Air Liquide's Europe-listed stock gained 2.53 percent on Tuesday, closing the day at 123.65 euros. Its market cap totaled $42.21 billion, more than five times Airgas' market share following its seven percent gain on Tuesday.
Benzinga received an anonymous phone tip three hours prior to Bloomberg's report. The tip claimed Air Liquide would undergo a "binding offer" for Airgas in the U.S.
Benzinga is unable to corroborate the report at this time; Air Liquide and Airgas have not yet responded to requests for comment.Loading...
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