On December 20, 2016, the Executive Board of Linde AG ("Linde"), upon approval of the Supervisory Board, agreed on a non-binding term sheet with Praxair, Inc. ("Praxair") governing the essential terms and conditions of a potential merger of equals between the two companies. The term sheet provides for a combination of the group's business under a publicly traded new holding company bearing Linde’s name, and the new holding company will launch a public exchange offer to the shareholders of Linde. Cravath is representing Linde in connection with the transaction, which is expected to result in approximately $1 billion in annual synergies. The combination would create a company with pro forma revenues of approximately $30 billion, prior to any divestitures, and a current market value in excess of $65 billion. 

More information is available in the announcement at the following link: http://www.the-linde-group.com/en/news_and_media/press_releases/news-20161220.html.