Germany’s Linde AG and Praxair Inc. (NYSE: PX) agreed to combine in a merger that will create the world’s largest supplier of industrial gases with sales of about $30 billion after the U.S. company made concessions to protect jobs and operations around Munich.

A new company will be formed to begin an exchange offer for Linde shares, the two industrial gas suppliers said in a statement on Tuesday. The combined entity will bear the Linde name and its stock will be listed in New York and Frankfurt. Praxair Chief Executive Officer Steve Angel and Linde Chairman Wolfgang Reitzle will have the same titles after the merger.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.