Reuters exclusively reports PE firm PAG plans $10 bln merger, offshore IPO of Chinese gas assets

Reuters reported exclusively that private equity firm PAG plans to merge its two Chinese industrial gases portfolio companies and seek an offshore listing for the combined entity estimated to be worth more than $10 billion. Hong Kong-based PAG is discussing with banks a plan to combine Yingde Gases Group with Shanghai Baosteel Gases Group, both Shanghai-headquartered, and then list the merged entity in what could be a billion dollar float.