onwards. Industry growth should improve
from 2015-16's 2%.
IIKey driver #3: Praxair merger will create a global leader in the gas
industry.
Our analysis of the combined firm ... industry
leader
EFTA01432913
Top line
synergies
Blue sky
scenario
15
35
180
15
Linde-Praxair combination a clear market leader
Others
18%
TNS
4%
Air Products
11%
Praxair
13%
Linde ... sales from associate
participations and .]Vs. Note: Air Liquide includes Airgas acquisition
Linde-Praxair price target bridge
25
245
10
20
300
Air Liquide
30%
EFTA01432914
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