MUNICH, Germany Linde’s (LING.DE) works council chief will vote against the German industrial gases group’s planned $65 billion merger with U.S. rival Praxair (PX.N) when it comes up for approval by the supervisory board, he told Reuters on Thursday.
Gernot Hahl said he believed Linde would bear the brunt of the $1 billion planned synergies, losing jobs as well as the right to co-determine company strategy that German corporate law gives labor representatives.
The framework of a deal was agreed in December but the supervisory board, which is half composed of labor representatives, will have to vote on the merger once a detailed business combination plan is finalised.
“Our position in the supervisory board is: No, we will not approve the merger,” Hahl said.
(Reporting by Jens Hack; Writing by Georgina Prodhan; Editing by Arno Schuetze)