The PX discussion clearly caused significant disagreement at Linde and the fall out at the senior management level is significant. We believe that this opens Linde up for an acquisition, by either PX or APD. See prior research. It
In research published today we share thoughts about the proposed PX/Linde merger, which we think is more likely to be a PX acquisition of Linde – should it go ahead. However, what APD could do matters. We are assuming that