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Industrial group before the end of the Dax

Nicholas by Nicholas
October 24, 2022
in News
0

Dhe American-German industrial gases group Linde wants to say goodbye to the Frankfurt Stock Exchange. The Dax group announced on Monday evening that the board of directors had decided to propose to the shareholders that they withdraw from the Frankfurt Stock Exchange. The double listing in New York and Frankfurt has a negative impact on Linde’s valuation, explained the CEO of the merged company, Sanjiv Lamba, on Monday evening. The shareholders should have the last word.

The share has been traded on both stock exchanges since the merger of Munich-based Linde AG with the American Praxair, but the lion’s share of stock exchange trading takes place in New York. With the withdrawal, Deutsche Börse would lose one of the most difficult values ​​​​in the leading index Dax. The group has a market value of around 145 billion euros.

Savings measures should also contribute to the increase in profits

If the exit plans were implemented, a new holding company would be established. Shareholders will receive one share in the new holding company for each Linde plc share to be listed on the New York Stock Exchange. The new holding company will be called Linde.

Linde’s business has been going well until recently thanks to high demand from the healthcare and electronics industries. In 2022, after a significant increase in profits last year, the group wants to earn even more. Earnings per share adjusted for special effects are expected to increase to between 11.73 and 11.93 US dollars in the current year, after 10.69 dollars a year earlier. In addition to cost-cutting measures, a thick cushion of orders should also contribute to the increase in profits. The forecast excludes the earnings contribution from Russia in the second half of 2022.



Because of the Ukraine war, Linde stopped new business in Russia

Because of the war in Ukraine, Linde stopped new business in Russia. In addition, the group wants to part with industrial plants in the country and no longer supply certain customers. However, vital medical and other safety-critical gases are to continue to be supplied. The Russian gas business contributed around one percent to the gas group sales in 2021.

  • Tillman Neuscheler

  • Published/Updated:

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Before the release of a series of economic data, the Dax started trading with slight gains on Tuesday. The market is moving calmly as investors await economic data from the United States and Germany, a trader says.

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  • Sarah Huemer

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Adjusted earnings per share are expected to increase to between $2.85 and $2.95 in the third quarter. That would be up to eight percent more than a year earlier. Linde expects negative currency effects due to the strong dollar.

Source

Tags: Frankfurt Stock ExchangeGerman Stock ExchangeISIN_DE0006483001ISIN_DE0008469008linden treeReutersSanjiv Lamba

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