Air Products withdraws bid for Yingde Gases

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Shares in Yingde Gases fell as much as 4 per cent on Monday after US company Air Products and Chemicals withdrew a non-binding offer for the industrial gases company.

Hong Kong-listed shares in Yingde were down 3.5 per cent in mid-morning trade after Air Products announced it “has determined it is not in the best interests of Air Products’ shareholders to continue to pursue an acquisition of Yingde Gases Group Co. Ltd. at this time.”

Yingde has been at the centre of a rare public boardroom battle resolved earlier this month by the reinstatement of both its chair and chief executive as well as its chief operation officer.

Investors had hoped the pair would move quickly to sell the company to either Air Products, which had made a non-binding offer of between HK$5.50 and HK$6, or to Asian private equity group PAG Capital, which made a firm bid of $6 a share.

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