In the context of mergers and acquisitions (M&A), a white knight is a friendly entity that steps in to rescue a company from a hostile takeover by an undesirable party. This figure becomes a strategic ally, offering more favorable terms compared to those of the hostile acquirer. An emblematic example of a white knight intervention is the acquisition of the U.S. company Airgas by Air Products and Chemicals in 2010-2011.

Airgas, a major company in the industrial gas supply sector, was the target of a hostile takeover by Air Products, which had made an unsolicited offer to purchase all the company's shares. Airgas resisted the offer, emphasizing that the price proposed by Air Products did not reflect the intrinsic value of the company and its future prospects.

In the midst of this battle, the white knight, Air Liquide, a leading French multinational in industrial and medical gases, intervened. Air Liquide made a friendly offer that was significantly higher than that of Air Products, creating a beneficial solution for Airgas's shareholders. This intervention not only allowed Airgas to avoid the hostile takeover but also provided better growth opportunities and long-term synergies through integration with Air Liquide.

The acquisition was completed in 2016 and serves as a significant example of how a white knight can effectively intervene to protect the interests of a company and its stakeholders while preserving business continuity and strengthening its competitive capabilities in the global market. Thanks to this operation, Airgas was able to continue its growth journey under the guidance of a strategic partner that shared its vision and values, demonstrating the positive potential of white knights in M&A activities.

WA