Biggest US takeover in China in decade hangs on board spat

The bid hinges on the speed at which Yingde proceeds with further talks of the boardroom struggle

Air Products & Chemicals has hit a bump as it attempts the largest US takeover of a Chinese firm in more than a decade, stymied by an extended boardroom battle at Yingde Gases Group.

A divided board of the Hong Kong-listed firm failed to agree on a panel needed to review the offer, but has asked Air Products to proceed with due diligence to avoid further delays, Yingde said in a statement to the Hong Kong stock exchange. The world’s biggest producer of hydrogen offered to pay at least HK$5.50 a share, valuing Yingde’s equity at about $1.3 billion.

The success of