Air Products spars with takeover target

In a letter to the management of China’s Yingde Gases, Air Products & Chemicals complains it is not able to audit the company ahead of the acquisition of Yingde that Air Products proposed last month. Instead, Air Products notes, Yingde has “placed obstacles in the path of our beginning the diligence process.” Air Products is also vexed by a gag order, requested by Yingde, that would prevent the U.S. firm from discussing the acquisition with its shareholders. A Yingde press release claiming that the two companies are working closely on the proposed acquisition prompted Air Products’ letter.