Forklift maker Linde AG has denied rumours it is considering a EUR11 billion merger of its industrial gases division with the BOC Group.

Speculation arose after a report appeared in the UK's Sunday Times on October 17 claiming Linde chief executive Wolfgang Reitzle had met with BOC chief executive Tony Isaac for informal discussions about a merger.

"A merger of the companies' gas businesses would leave Reitzle to concentrate on Linde's forklift manufacturing operation and create a larger manufacturer of a broader range of industrial products," one report said.

Linde AG corporate centre head of press, Uwe Wolfinger, told Forkliftaction.com News the suggestions were "pure speculation without any basis".

"We deny the article. Nothing to add," he said.

Newspapers reported BOC would not comment on the situation, but analysts said any move would "make sense" for both companies.

Despite the companies' denial that they are merging, investors bristled at the suggestion, and both companies' stock spiked; Linde gaining 1.3 per cent and BOC gaining 1.4 per cent.