Linde AG may sell its materials handling unit in pieces, rather than as a whole, to finance a possible takeover of British gas group BOC Group plc.

According to Dow Jones International News, analysts say selling the forklift unit bit by bit could be less problematic for antitrust issues. And it could mean assets are available to a wider range of bidders, so higher proceeds are generated.

Landesbank Rheinland-Pfalz analyst Silke Stegemann said the forklift business could be worth up to EUR2.9 billion (USD3.5 billion) if sold intact. "But, including a likely premium (for growth prospects), this could go up to around EUR3.0 billion (USD3.6 billion) to EUR3.5 billion (USD4.2 billion)," she said.

"However, there would very likely be antitrust concerns, if the unit were sold to a single buyer," Stegemann said. A single buyer for the entire materials handling unit could clash with European and Asian regulators over excessive market share.

Another Germany-based analyst said the forklift business could bring in EUR3.5 billion (USD4.2 billion) to EUR4.0 billion (USD4.8 billion).

"I expect the Linde brand could generate proceeds of up to EUR2.5 billion (USD3.0 billion) and the Still brand up to EUR1 billion (USD1.2 billion)," he said. "Combined with another EUR200 million that OM Pimespo could bring in, Linde would have some EUR3.7 billion (USD4.4 billion) to finance the BOC deal."

Japanese peers, especially Toyota Industries, were tipped to be among the interested parties, analysts said.

"I think there's a very good probability that Japanese companies would at least look into acquiring these assets from Linde," a Japan-based analyst said.