July 5, 2018 / 6:36 AM / a year ago

Japan's Taiyo Nippon to buy some Praxair European assets for $5.9 bln

TOKYO, July 5 (Reuters) - Taiyo Nippon Sanso Corp said on Thursday it had agreed to buy part of the European businesses of Praxair Inc for 5 billion euros ($5.9 billion) in a move aimed at boosting its global competitiveness.

The Japanese company said it would pay for the acquisition with cash on hand and loans and had no plans to conduct equity financing.

The acquisition depends on the planned Praxair-Linde deal going through as those two companies seek regulatory approval for their planned merger, Taiyo Nippon said in a statement. ($1 = 0.8551 euros) (Reporting by Chris Gallagher and Chang-Ran Kim; Editing by Muralikumar Anantharaman)

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