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FTC approves gas merger, with conditions

by Alexander H. Tullo
May 23, 2016 | A version of this story appeared in Volume 94, Issue 21

The Federal Trade Commission has approved Air Liquide’s $13.4 billion purchase of Airgas, allowing the deal to close this week. However, the U.S. antitrust regulator is demanding the firms divest assets that give them too hefty a market share in some sectors of industrial gas. FTC says Air Liquide must divest 12 of its own air separation units as well as four from Airgas. Air Liquide operates 49 air separation units around the U.S.; Airgas runs 17. Because Air Liquide and Airgas are the only nitrous oxide producers in the U.S. and Canada, with a total of five plants, FTC wants Air Liquide to sell two plants. Air Liquide also needs to dispose of a few of its dry ice and liquid CO2 facilities.

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