Industrial gas supplier Praxair (NYSE:PX) contributed 122 basis points to the Fund’s return, as the stock rose 32.0% from $117.19 to $154.68. Praxair announced a merger with Linde, a German competitor. The merger will create the world’s largest industrial-gas supplier, combining Praxair’s leading position in the Americas with Linde’s strong presence in Europe and Asia. The combination of Praxair’s operational excellence and Linde’s engineering and technology leadership should accelerate earnings growth.
From Jerome Dodson (Trades, Portfolio)'s fourth-quarter 2017 Parnassus Fund shareholder letter.
