S&C Advises Linde in Intercompany Reorganization

March 9, 2023

Linde, the world's largest industrial gases and engineering company, completed an intercompany reorganization that resulted in the delisting of Linde's shares from the Frankfurt Stock Exchange through the creation of a new holding company. The transaction was effected by means of an Irish court-approved scheme of arrangement and a subsequent inter-company merger, and was the first so-called “cold” delisting of a dual-listed company from the Frankfurt Stock Exchange through a reorganization transaction of this type.

Following the delisting, the new holding company, Linde plc, is now solely listed on the New York Stock Exchange.
The S&C team advising Linde included Keith Pagnani, Carsten Berrar, Mario Schollmeyer, Luke Carsley, Daniel Kornack and Linda Yao Chen. Cathy Clarkin advised on certain U.S. securities law matters. Davis Wang, Jameson Lloyd and Alexei Owen advised on U.S. tax matters, and Andrew Thomson and George Croft advised on U.K. tax matters. Prateek Andharia advised on certain U.K. corporate matters. Max Birke and Wolfram von Frankenberg advised on German financing matters. Tiffany Wooley and Rebecca Rabinowitz advised on employee benefit matters.