union bosses see timetable for Linde Praxair fusion in danger
Linde and Praxair want to merge. However, trade union heads Jörg Hofmann and Michael Vassiliadis consider the schedule of the merger to be at risk. Reason is the insider allegations at Linde.
With reference to the BaFin investigation on suspicion of insider trading in connection with the planned Linde Praxair fusion hold high-ranking functionaries workers the schedule of the concentration risk and require a rapid clarification of the allegations. At the request of manager magazin, the chairmen of the industrial trade unions represented at Linde, Jörg Hofmann (IG Metall) and Michael Vassiliadis (IG BCE), referred to the potential insider misconduct at Linde.
The current schedule for the planned merger, said Metaller Hofmann, must be "questioned". He understands that "much uncertainty" arises when the media reports on insider trading of those "who have the name and function for the merger."
Vassiliadis explains: "The allegation of insider trading naturally strains the intended merger." All the more important is a "quick clarification".
When the plans for a merger between the Munich-based gaseous group and its US competitor Praxair were officially confirmed for the first time in mid-August, and the Linde share thereupon rose sharply, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) initially routinely checked the purchase of securities. Meanwhile, she has launched a formal investigation into the insider's suspicions against current and former Linde managers.
The BaFin does not mention any names, but among other things it should, as the SPIEGEL reported in mid-January to act supervisory board chairman Wolfgang Reitzle. According to manager magazin, Reitzle had told the board that he was legally protected.
The first start of the merger failed, in December the companies agreed on the cornerstones of a merger. The conclusion of the alliance negotiations, the so-called Business Combination Agreement, is planned for May, after which the companies would have 15 months to the final closing.