In a statement Thursday, Praxair said the deal is pending approval by its board of directors and Linde’s executive and supervisory boards. However, it cautioned that there are no guarantees the deal will be finalized.

Indeed, Linde chairman Wolfgang Reitzle will have to sell his company’s 12-member board on the proposal, reported the Bloomberg news service. Bloomberg said the board is divided between executives who support the deal and worker representatives who fear job cuts.

In fact, approximately 2,500 Linde staffers spread among 2 1/2 dozen sites rallied Thursday to protest the deal, according to The Wall Street Journal.

The combined company would be run from Praxair’s home in Danbury, Conn., by Praxair chief executive Steve Angel. Reitzle, meanwhile, would serve as chairman, according to the Reuters news service. Together, Praxair and Linde would hold 40% of the industrial gases market, according the (London) Financial Times.