We should see more clearly in a few weeks

Since yesterday evening, Benoît Potier is sole master on Board at Air Liquide. The Board of Directors yesterday appointed the man of the Seraglio of forty-eight years to the position of President and Chief Executive. For more than four years, Benoît Potier was already the true pattern of the world leader in industrial gases, with the title of President of the Executive Board. But the Supervisory Board of the company was always chaired by Alain Joly, who led the group from 1995 to 2001. A way to ensure a smooth transition between the two men.

Involving over 4.600 shareholders, yesterday afternoon at the Paris Palace of Congress, the General Assembly voted the amendment of the statutes of the company. After a parenthesis of four years, Air Liquide is so classic of the Board of Directors structure, that Chair Benoît Potier as Director General.

This concentration of the two roles in the hands of one man is not to the liking of all. The mutual funds Proxy Active Investors and called to vote "no". "The Division of powers presents the best guarantees of independence," explained this institutional investor. A non-Executive Chairman can better "direct the Board of Directors on behalf of the shareholders" and "play a role in control of the action of the Director-General". The resolution nevertheless was adopted yesterday to more than 95. "Air Liquide is a company that always was led by a single man, explains Benoît Potier." Our shareholders want case to a single pattern, a single representative.

The merger of British BOC and Linde, the German announced this winter, will create a new giant of industrial gases. That is that this will change for Air Liquide

This merger, if it is finalized, will certainly change the gives. But it will not radically change the balance of the market. These two players were present. From a geographical point of view, BOC and Linde are not powerful in the same countries. And, from a technological point of view, the two groups were already bound by a partnership for several years.

The new détrônerat set - he Air liquid of its position as world number one

It is not to a date that the new set before us. This will depend on such assignments requested by the competition authorities. We will be without doubt about equality, but with a few years of growth, we should be able to widen the gap. As long as we have the imagination and we will be able to develop applications, we will keep the leadership.

Are you interested by the assets that BOC and Linde shall assign, Poland and the United Kingdom including

It is difficult to answer today. We have not yet been consulted by the competition authorities. We should see more clearly in a few weeks.

Is it still possible to make acquisitions in this market already very concentrated under the constant supervision of the antitrust

There are many opportunities for acquisitions, particularly in emerging countries, where the market is still composed mostly of small local actors. Our priority will go in this area to countries such as China, the India, the Russia or the Middle East. But not only. Let us not forget that the United States, Europe and the Japan are always more than 60 of the world market. For example, the health market is infinitely less concentrated, leaving us to large margins of manoeuvre.

In addition to these targeted acquisitions, what are the major trends that will make Air Liquide activity over the coming years

In all areas of the industry, more and more, it will have to produce, manufacture and transformation in own. This will require separate air to oxygen, nitrogen and noble gas... It is our job for over a hundred years, and it is therefore a great opportunity for us.

In what areas is this application the highest

First and foremost in energy. Oil to be extracted in the future will be more and more heavy and more sulfur. To lighten it and remove sulfur, petroleum groups will likely huge needs in hydrogen, oxygen, or steam.

The increase in the price of oil also boost investments in alternative energies: oil shale, the transformation of gas oil, clean coal... All these methods require massive use of industrial gases and represent a very important market. Several decades of growth are before us. Today, the energy industries represent about 15 of our turnover, but this part is called to grow strongly over the next years. Alone, the hydrogen market should grow by 20 to 40 per year according to the regions.

This is the heaviest trend and the easiest to understand today, but this is not the only one. Growth opportunities are also very important in the areas of respiratory support and health in General, welfare or food security still. And finally do not forget the electronics, where our gas are used for the production of semiconductor or flat.

How will translate these trends effectively

We expect organic growth of our turnover by about 7 per year on average by the end of the Decade. By adding a few acquisitions, the annual average should approach about 9.

The Air Liquide action has defeated new historical records in recent weeks. It is paid today approximately 20 times the profits of the company. Some analysts believe that it is expensive...

I think that a ratio course on benefit of 20 is entirely justified. That the value is paid the equivalent of twenty years of profit, is not a chance for a company whose prospects are 20 years old, because our business is predominantly made up of contracts long-term signed for fifteen years.

Individual ownership has always been a priority for Air Liquide. Why is it important for society

Individual shareholders own about 40 of our capital, which has a positive and stabilizing effect on the title. We want to remain at least at this level, or even beyond. We therefore launch a campaign of marketing of the title this year or next year. It is for us also to expand and rejuvenate our shareholders. Today, the average shareholder of Air Liquide is older than the average of the French shareholders. We want to attract younger generations, to show that an investment in our group, it is a good solution for as a capital, for example to prepare his retirement.