Linde relieves merger deal pressure with easier terms

German gas company Linde said Monday it would extend a deadline and lower a shareholder approval threshold in its planned tie-up with US firm Praxair, easing pressure on the high-stakes project.

The decision means only 60 percent of Linde shareholders must agree to exchange their stock for a stake in a new holding company for the merger to go ahead, rather than the previous 75 percent hurdle.

Because of the change to the terms of the deal, investors now have an additional two weeks -- until November 7 -- to reach a decision, the firm added.

By Friday, only 50.8 percent of the German firm's shareholders had agreed to the deal as the October 24 cut-off point approached, the two companies said.

Monday's move was good news for Linde stock, which added 1.4 percent to trade at 181.45 euros ($213.18) around 0920 GMT, topping the DAX index of German blue-chip shares.

Linde and Praxair have been courting for over a year, after French rival Air Liquide's takeover of US-based Airgas in May 2016 pumped it up into the world's biggest industrial gas supplier.