Aug 25 2010
Air Products (NYSE: APD) today announced it has filed notification with the Federal Trade Commission ("FTC") as required under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 for the acquisition of Airgas (NYSE: ARG). The HSR waiting period will expire on September 8, 2010 unless earlier terminated by the FTC.
On August 16, 2010, Air Products announced it had reached an agreement with the Staff of the FTC on the terms of a Consent Decree for the acquisition of Airgas. The Consent Decree would permit Air Products to acquire Airgas subject to the divestiture of certain assets and would also permit, for a period of time, the closing of the acquisition prior to completion of the divestiture. The assets to be divested relate primarily to Airgas' liquid bulk and on-site supply of atmospheric gases, including production and related assets. Air Products has signed the Consent Decree, which is subject to review and approval by the Commissioners of the FTC.
Upon termination of the HSR waiting period, Air Products will have satisfied the principal conditions to completing a transaction with Airgas, and there will remain no substantive impediments to closing immediately other than the intransigence of the Airgas Board.
The next step for Airgas shareholders to complete a transaction is to elect the three highly qualified independent directors nominated by Air Products and approve its other proposals at the 2010 Airgas Annual Meeting on September 15, 2010.