Support for combination by tender of Linde AG shares

Norges Bank Investment Management has tendered all shares held in Linde AG in connection with the business combination between Linde AG and Praxair Inc.

19 September 2017

Our rationale

We seek to provide clarity and avoid any potential market speculation about our tender decision.

We support the strategic rationale for the merger between Linde and Praxair and considers that the proposed business combination is in the best long-term interest of Linde AG shareholders.


Important legal notice

Norges Bank Investment Management’s approach to responsible investing includes disclosing our voting decisions, in some cases in advance of the relevant meeting, and participation in ongoing tender offers or similar. This is only intended to provide information and is not solicitation or encouragement as to how others should vote or whether or not others participate in the respective tender offer. This disclosure is not investment research, advice or recommendation. Each of Norges Bank Investment Management’s voting intention and intention to participate or not participate in a tender offer is an internal decision and has not been agreed with the bidder, the target company and/or any other shareholders. This disclosure reflects Norges Bank Investment Management’s intention as at the date of publication but such intention is subject to change at our discretion. Norges Bank Investment Management is not subject to any prohibition on dealing after the publication of this disclosure. Norges Bank Investment Management’s holdings and holdings available for voting from time to time may differ from those set out in lists of holdings as of year-end.