US-based LNG equipment maker, Air Products has made a move to buy Yingde Gases, one of China’s largest suppliers of industrial gases.
This is the second potential takeover bid Shanghai-based Yingde has received lately. The first one was made by Stellars Capital.
Air Products sent to each of Yingde’s board directors a letter on December 29 expressing an interest in buying the company with a cash offer, Yingde said in a filing to Hong Kong’s stock exchange.
The letter expressly states that, among others, the interest is non-legally-binding.
In a separate statement, Air Products said that no agreement between the company and Yingde had been reached.
“There cannot be any assurance that such an agreement will be reached or, if such an agreement is reached, that a transaction will be completed.”
Yingde added that both of the offers would be considered at the company’s board meeting scheduled to take place on January 10.
LNG World News Staff