從古至今，海內外各大中小型企業無不盡全力透過購併其他企業以拓展事業版圖、增加營業收入、擴張銷售通路亦或開通更多的產品線，野心更大的企業集團更希冀透過購併他國公司來增加國際市場佔有率，進而發展成產業中的跨國集團巨頭，除了顯而易見的實質利益，其它諸如提升自身在產業競爭力、跨國文化影響力，這類的軟實力提升亦是一家有野心的企業所在意的因素。

本篇論文將在工業、健康和環保氣體產業中，以世界最大工業氣體供應商聞名的法國Air Liquide 液空氣化集團為主要研究案例，研究其如何透過一次次的購併策略來壯大企業的規模和營業額、並以購併為發展基礎藉以鞏固於業界不可被取代之地位；除了介紹Air Liquide過往購併歷史中具有代表性意義的案例，這篇論文主要會再聚焦並且深入探究其於2016年和美國Airgas所談成的購併生意；此篇論文透過次級資料蒐集和個案研究法，來深入做研究，並藉由上一句提及的兩個研究方法來攫取Air Liquide在該購併案所思考的併購動機、探討當時購併Airgas的風險、最後闡明並歸納出購併後帶給Air Liquide效益外、同時Airgas也得到了什麼樣的效益，希望本研究可以給工業氣體產業帶來更多的研究資源，讓後進者有更多的資料可以參考。

Since the commercialization of human society began, large, medium, and small enterprises at home and abroad have tried every means to expand their business territory, increase profits, broaden their sales channels, and expand their product lines by acquiring other companies. More ambitious corporate groups hope to expand their international market share by acquiring companies from other countries, and then develop into multinational groups in the industry. In addition to the obvious substantive benefits, the improvement of other soft power, such as enhancing its own industrial competitiveness and transnational cultural influence, is also a factor of concern for an aspiring company.

In this thesis, the French Air Liquide Group, known as the world’s largest gas industry leader in the industrial, health and environmental gas industries, will serve as the main research case, study how it can expand the scale and turnover of the company through mergers and acquisitions, and use M&A as the basis for development to consolidate its irreplaceable position in the industry, in addition to introducing representative cases in Air Liquide's past mergers and acquisitions history, this thesis will focus on and in-depth exploration of the merger and acquisition business that it negotiated with Airgas in the United States in 2016.

In this paper, secondary data collection and case study methods have been applied to do in-depth research and these two research methods been used to capture Air Liquide’s M&A motives in the merger case, and explore the risks if Airgas is acquired, finally, clarified and summarized the benefits of Air Liquide after the M&A with Airgas, and what benefits Airgas has also obtained are the key points of the thesis, hopefully, this humble research can bring more research resources to the industrial gas industry, so that latecomers have more information for reference.

論文審定書…………………………………………………………………………….…… i
致謝…………………………………………………………………………………….……ii
摘要………………………………………………………………………………….….......iii
Abstract……………………………………………………………………………………..iv
Table of Contents………………………………………….………………………………..vi
List of Figure.……………………………………………………………………………...viii
List of Table………………………………………………………………………………………..ix
Chapter 1 Introduction……………………………………………...……….………………1
1.1 Research Background and Motivation……………………………………….….1
1.2 Research Purpose………………………………………………………………..2
1.3 Research Procedure………………………………………………………….…..3
Chapter 2 Literature Review……………………………………………………….……......5
2.1 Merger and Acquisition Strategy. ………………………….…………………...5
2.2 SWOT Analysis.……………………………………………….……………….. 9
2.3 Take-Or-Pay Clause. ……………………………………………………….….10
Chapter 3 Research Methodology……………………………………………….….….…..14
3.1 Case Study Method……………………………………………….….….……..14
3.2 Secondary Data Method...…………………………………………….………..14
Chapter 4 Result and Discussion ………………………………………..………………....17
4.1 Introduction of Industrial Gas Industry………………………………...……....17
4.2 Air Liquide Introduction……………………………………………………….25
4.3 Case Study: M&A of Air Liquide and Airgas …..……………………..………45
Chapter 5 Conclusion and Suggestion………………………………………………….….64
5.1 Discussion and Research Findings……………………………….…………….64
5.2 Limitation of the Research…………………………………………….…...…..66
5.3 Suggestion of the Future Research………………………………………...…...67
References.………………………………………………….……………………………...69
English References………………………..……………………….………….........69
Mandarin References……………………………………………………..….……..71

English References:
1. Simoneaux, S.L. and Stroud, C.L. (2011), SWOT analysis: the annual check-up for a business, Journal of Pension Benefits: Issues in Administration, Vol. 18
2. Simons, H. (2009). Case Study Research in Practice. SAGE, London.
3. Sarah, P. M. (2017). New acquisition boosts Air Liquide's offshore offerings, Offshore magazine.
4. Air Liquide 2016 Annual Report (2017). Air Liquide Official Website.
5. David D. (2019). Driving B2B Digital Transformation Through Customer-centricity, INSEAD.
6. Alaaraj, S., Mohamed, Z. A., & Ahmad Bustamam, U. S. (2018). External growth strategies and organizational performance in emerging markets. Review of International Business and Strategy. y, https://doi.org/10.1108/RIBS-09-2017-0079 7. John B. (2020). S&P 500 CY 2020 EARNINGS PREVIEW: LARGEST YEAR-OVER-YEAR EARNINGS DECLINE SINCE 2008, FactSet.
8. M&A Critique (2016). Air Liquide sells US assets to Matheson in connection with Airgas acquisition.
9. Risk.net (2017). Corporate deal of the year: Air Liquide and Barclays.
10. Antoine G. (2021). Up In The Air: How Airgas More Than Doubled By Fighting A Takeover, Forbes.
10. Jonathan L. (2015). Air Liquide’s Airgas acquisition to pay off on cylinders – CEO, Independent Commodity Intelligence Services.
11. Nick P. (2020). Air Liquide finalises deal with Sasol, Gasworld.
12. Stefan B. (2012). Air Liquide seeks to acquire control of France’s LVL Medical, Independent Commodity Intelligence Services.
12. Reuters (2012). Air Liquide says agrees to buy Gasmedi, Reuters.
13. Anita L. (2007). Air Liquide Acquiring German Engineering Company Lurgi, Manufacturing.net.
14. CHEManager (2017). Air Liquide Inks Deals in Mexico and Norway, CHEManager.
15. Adnan B. (2021). Nikkiso sells Turboexpander business to Air Liquide, OFFSHORE ENERGY.
16. Charles F. (2020). Dry Ice Is Hotter Than Ever, The Atlantic.
17. Cooling Post. (2020). Air Liquide takes 80% stake in cryogenics business, Cooling Post.
18. Nicholas M. (2016). Take-or-pay clauses in the natural gas sales contracts and potential claims against buyers, Lexology.
19. Business Wire. (2017). Air Liquide Announces a Major Healthcare Acquisition in Japan, Business Wire.
20. Air Liquide 2017 Annual Report (2018). Air Liquide Official Website
21. Air Liquide 2018 Annual Report (2019). Air Liquide Official Website
22. Air Liquide 2019 Annual Report (2020). Air Liquide Official Website
23. Air Liquide 2020 Annual Report (2021). Air Liquide Official Website
23. Airgas 2015 Annual Report (2016). Airgas Official Website


Mandarin References:
1. 方至民. (2014). 策略管理概論: 應用導向: 前程文化.
2. 2013 IBM全球高階主管調查報告2012全球CEO調查報告.(2013) IBM.