Following weeks of speculation, BOC has accepted a joint takeover offer of £7.15bn from Air Liquide of France & Air Products & Chemicals of the USA subject to regulatory approval. The deal will make Air Liquide the leader in the global industrial gases sector and Air Products will climb the ladder from the number four position to number two in the market alongside Praxair. BOC's UK and Irish businesses, its Australian and New Zealand operations and its assets in Japan and Thailand are likely to be purchased by the French group and the remaining Asian operations, including subsidiaries in Singapore, S China and Malaysia will be bought by Air Proudcts. BOC's assets in the USA will be shared between the two companies but the carbon dioxide side of the business will be taken on by Air Products. Disposals of other business areas are a possibility. (whole)
