In the Financial Times last week (29^th June) it was reported from New York BOC (British Oxygen) have been approached by Air Liquide to restart take-over talks.

According to the FT, "The approach follows BOC's rejection the previous Monday, of a joint take-over bid of £14.20 per share or £6.9bn ($11bn) from Air Liquide and Air Products of the US.

Both Air Liquide and Air Products had earlier made separate unsuccessful take-over approaches, after the disclosure by the Financial Times in May that BOC was in merger talks with Praxair, another US industrial gases, which also collapsed.

This time, Air Liquide is understood to have made the approach alone, but some people close to the French group suggest that it may seek to involve Air Products at a later stage, if successful.

Analysts believe Air Liquide would have to make disposals to satisfy competition concerns, and it could choose to offer Air Products guaranteed or preferential status for such sell-offs.

Wall Street believes the proposed combination could have generated significant synergy benefits and given the merged group a 30 per cent global market share."

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