A coordinated approach to international due diligence

Contact

Nicola Eury

Principal
T: +44 1392 440 600

Neil Loescher

Principal
T: +44 1225 748 420
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Lucy Wright

Senior Managing Consultant
T: +44 2078 081 421

Project background

In consultation with Praxair’s environmental counsel, Ramboll developed a scope of works to assess potential environmental issues for the divestment of Praxair’s industrial gas and related machinery and equipment business in Europe and Chile. The divested business generated annual sales of approximately €1.3 billion in 2017.

The divestiture was required as a result of the merger that created Linde plc.

Our services

Ramboll’s European and South American Mergers & Acquisitions teams provided contamination liability assessments, compliance auditing, gap analysis and probabilistic risk quantification to enable a robust evaluation of potential environmental liabilities associated with the portfolio.

The work built on previous environmental assessments undertaken for the client and involved reviews and risk assessments of more than 80 facilities across 13 countries.

A challenging timeline

Ramboll’s teams of in-country specialists worked closely with the client’s management and operational teams and in-country legal counsel to understand current processes, historical uses of the sites, the regulatory permitting status of each asset, and the operational

environmental practices and procedures, all within a challenging timeframe.

Early identification of issues

Through regulatory consultation and interpretation of site and third-party data sources, we reported on existing compliance programmes and permits for each of the facilities and identified potential regulatory and technical issues at an early stage, enabling the client to assemble a virtual dataroom of environmental materials suitable for bidder consideration.

Outcome

We were retained through the transaction process and were able to support the client in technical discussions with the bidders and their legal and commercial teams.

The transaction successfully completed in December 2018 when Taiyo Nippon Sanso acquired the business for €4.91bn ($5.74bn).

 

“The importance of this project cannot be understated”

“This divestiture was a significant transaction which was conducted under enormous time pressure. The importance of this project cannot be understated, and the success of this deal made it possible to complete the merger.

“Your expertise, input and hard work were critical to this success. Particularly impressive was your nimble response to unexpected changes in the scope ... But what I will remember most is the wonderful collaboration and camaraderie that developed among [the client team].”

Michael Th. Bourque

Senior Assistant General Counsel

Global Environmental and Safety

Praxair, Inc.

 

Ramboll

Ramboll
First Floor, Emerald Building
Oud Metha Road
PO Box 116921, Dubai, UAE
Tel:+971 4 334 3616
Fax:+971 4 334 3617

Mail: info@ramboll.ae

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