Air Products to acquire industrial gas maker

Air Products & Chemicals Inc said it made an offer to buy China's biggest producer of industrial gases, the latest for an industry that has seen a trend of consolidation globally.

The Allentown, Pennsylvania-based maker of industrial and atmospheric gases said in a statement on Monday that it has preliminary, non-binding interest in acquiring all outstanding shares of Yingde Gases Group Co, subject to conditions. The news sent shares of Yingde up the most in more than a year on Monday after the stock resumed trading following a Dec 23 halt.

Air Products hasn't yet reached an agreement with Hong Kong-based Yingde, whose market value is about HK$6 billion ($768 million) and there's no certainty a deal will be concluded, the US company said in the statement.