FRANKFURT, Germany (AP) — Industrial gas makers Linde AG and Praxair Inc. have confirmed they are in talks about a possible merger.
Linde, based in Munich, Germany, says in a statement Tuesday that the talks are preliminary and that "it is currently not foreseeable whether there will be any kind of transaction."
Praxair, headquartered in Danbury, Connecticut, had a similar statement and both companies described the potential deal as a merger.
Linde share traded up 11 percent on the day at 154.70 euros in Europe while Praxair rose 5.4 percent to $124.44 on the New York Stock Exchange.
The companies sell gases used in a wide range of applications including manufacturing, food processing and the oil and gas industry.