Brazilian Authorities Approve Praxair Tender Offer.Business Editors DANBURY, Conn.--(BUSINESS WIRE)--April 18, 2000 Praxair, Inc. (NYSE NYSE See: New York Stock Exchange : PX) has been informed by Brazil's securities and exchange commission, Comissao de Valores Mobiliarios (CVM), that its tender offer for the remaining shares of S.A. White Martins, its affiliate in Brazil, has received regulatory approval Following a delay during which the CVM reviewed technical items connected with the offer, the auction of company shares has been rescheduled from April 11 to May 3. As previously announced, Praxair is offering 1.30 reais per share, representing a 54 percent premium to the average price of White Martins shares in the three months prior to the tender offer announcement on December 14, 1999. Also as previously announced, the company has no intention of increasing its offer price. Praxair currently owns 76.6 percent of White Martins shares. White Martins is the largest industrial gases company in South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , with sales of $697 million in 1999. Praxair is the largest industrial gases company in North and South America, and one of the largest worldwide, with 1999 sales of $4.6 billion. The company produces, sells and distributes atmospheric and process gases, and high-performance surface coatings Surface coating A substance applied to other materials to change the surface properties, such as color, gloss, resistance to wear or chemical attack, or permeability, without changing the bulk properties. . Praxair products, services and technology bring productivity and environmental benefits to a wide variety of industries, including aerospace, food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. , healthcare, electronics, steel, chemicals and refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar , metal fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. , water treatment, glass and others. For more information, visit Praxair on the Internet at www.praxair.com. |
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