in 1999, reports emerged that the us industrial gases company praxair - a 1992 spun off from linde ag's us division, 'union carbide industrial gases' - were in possible merger discussions with boc group. following the breakup of the talks, france's l'air liquide s.a. and air products & chemicals inc. made a series of cash offers to acquire the group. on 13 july 1999, the boc board approved a pre-conditional cash offer of £14.60 per share. the boc group's assets were to be divided between air liquide and air products in the us$11 billion deal. on 12 may 2000, the bid lapsed, following failure to reach a satisfactory agreement with the united states federal trade commission.