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Linde, Praxair reach deal on merger agreement

Reuters

FRANKFURT, May 24 (Reuters) - German industrial gases group Linde and U.S. peer Praxair have reached a deal in principle on their proposed $70 billion merger, Linde said on Wednesday.

The Business Combination Agreement still needs the approval of Praxair's board of directors as well as Linde's management and executive boards, it said, adding that a signing of the agreement was no guarantee the deal would be completed.

German weekly WirtschaftsWoche earlier on Wednesday cited sources as saying that Linde's supervisory board would vote on the merger agreement next week. (Reporting by Maria Sheahan; Editing by Arno Schuetze)