Air Products Clears Hurdle To Airgas Buy

Air Products & Chemicals hasn’t gotten the board of Airgas to go along with its hostile takeover attempt, but it has been assured of clearance from the Federal Trade Commission. The staff of FTC has issued a consent decree permitting Air Products to consummate the deal if it sells off Airgas’ businesses in bulk and on-site supply of atmospheric gases. Because Air Products specializes in such operations and Airgas focuses on container gases, the unit is the one big area of overlap between the two companies. Airgas purchased many of the assets in question from Linde in 2007, which had to sell them off to satisfy FTC conditions of its purchase of BOC. Air Products is also extending the expiration date of the tender offer from Aug. 13 to Oct. 29. In July, Air Products raised its offer from $60.00 to $63.50 per share. The initial offer had few takers. The revised offer has netted pledges for more than 23% of Airgas’ shares.