Air Products and Chemicals, Inc. submitted a letter to acquire Yingde Gases Group Company Limited for HKD 10.4 billion.
January 08, 2017
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Air Products and Chemicals, Inc. (NYSE:APD) submitted a letter to acquire Yingde Gases Group Company Limited (SEHK:2168) for HKD 10.4 billion on December 29, 2016. On January 20, 2017, it is announced that the shares will be acquired at HKD 5.5 per share. Yingde Gases Group Company Limited has sent the confidentiality agreement and the information request list to Air Products on December 31, 2016 and the Board of Yingde Gases Group Company Limited. Yingde Gases Group Company Limited shall consider the letter from Air Products together with further information provided during a Board meeting to be held on January 10, 2017. The deal is subject to consummation of due diligence investigations, approval of the Board of Directors of Air Products and Chemicals, Inc. and antitrust approval from the Ministry of Commerce of the People’s Republic of China and any other required regulatory approvals. Citigroup Inc. (NYSE:C) and Lazard Group LLC acted as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor for Air Products and Chemicals, Inc. Citigroup Global Markets Asia Limited, Lazard Asia (HK) Limited and Morgan Stanley Asia Limited acted as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP, Broad & Bright Law Firm and Maples & Calder Asia acted as legal advisors for Yingde Gases Group Company Limited. Rothschild Inc acted as financial advisor to Air Products and Chemicals, Inc.
As of January 27, 2017, notice was dispatched to convene Board meeting to consider formation of Independent Board Committee.
Air Products & Chemicals, Inc. specializes in the design, manufacturing and marketing of gases. The activity is organized around 4 families of products:
- bulk gases: industrial gases (oxygen, nitrogen and argon), hydrogen and helium, medical and specialty gases delivered by tankers or tube trailers, in cylinders or through small on-site gas generation plants for metal, glass, chemical processing, food processing, healthcare, steel, petroleum and natural gas industries;
- tonnage gases: industrial gases (hydrogen, carbon monoxide, nitrogen and oxygen) supplied via large on-site facilities or pipeline systems, principally for customers in the petrochemical, chemical, and metallurgical industries;
- performance chemicals;
- cryogenic and gas processing equipment: for air separation, hydrocarbon recovery and purification, natural gas liquefaction, and helium distribution.
Net sales are distributed geographically as follows: the United States (41.5%), China (15.8%), and other (42.7%).
AIR PRODUCTS & CHEMICALS, INC. 
