Directors of gases giant BOC were last night in talks over whether to accept a joint French/ US takeover bid which threatens heavy redundancies.
The board of the world's second-biggest industrial gases group was discussing the combined £7.2 billion (€9.14 billion) offer from Air Liquide of France and Air Products of the US.
Unions feared the deal would take a heavy toll on the company's 11,000-strong UK workforce.
Sources close to the deal said the board was likely to agree to the takeover. If it is accepted, the deal will finish 130 years of BOC's independent status.
No price has been publicly stated on the talks, but it is believed to be in the order of £14.65 a share - £7.19 billion.
There are fears that the deal would lead to the closure of the Windlesham head office, whose functions were already earmarked to be moved. BOC chief executive Mr Danny Rosenkranz has reportedly been keen to negotiate protection for employees.
Sir Ken Jackson, general secretary of the Amalgamated Engineering and Electrical Union said: "We want to discuss the workforce's future with all of the companies as soon as possible. These are highly skilled people who have contributed a great deal to the company's success."
