German government must analyse planned Viessmann deal

Apr 26, 2024

An employee works at a production line during at the plant of German gas heating manufacturer Viessmann in Allendorf, Germany, August 9, 2022. REUTERS/Fabian Bimmer/File Photo

BERLIN, April 25 (Reuters) - The German government must take a closer look at the potential deal between air conditioner maker Carrier Global Corp (CARR.N) and German industrial manufacturer Viessmann, German Finance Minister Christian Lindner said on Tuesday.

Florida-based Carrier is in advanced talks to acquire family-owned Viessmann for more than $12 billion, including debt, according to people familiar with the matter.

Economics Minister Robert Habeck will analyse this, Lindner said at an event in Berlin.

According to the sources, Carrier is primarily buying Viessmann's air conditioning division, which includes heating and heat pumps, and accounts for the vast majority of the German company's business.

The German cabinet approved last week a bill that bans most new oil and gas heating systems from 2024, in an effort to cut greenhouse gas emissions. All newly installed heating systems in Germany should run on 65% renewable energy from 2024, both in new and old buildings.

Among the acceptable alternatives to fossil fuel heating are heat pumps that run on renewable electricity, as well as district heating, electric heating or solar thermal systems.

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