The purchase is contingent on the planned Praxair-Linde deal going through which is subject to regulatory approval.

On Thursday, Japan’s Taiyo Nippon Sanso Corp disclosed that it had agreed to acquire some of Praxair Inc’s European businesses for $5.9 billion (5 billion euros).

The move will enable it to boost its global competitiveness.

Taiyo Nippon Sanso stated it would finance the purchase with its existing cash in hand and loans and has no plans to finance the acquisition through fresh equity.

In a statement, Taiyo Nippon said this acquisition is contingent on the planned Praxair-Linde deal going through which is subject to regulatory approval.

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