German industrial gases group Linde and U.S. suitor Praxair have agreed an outline for a $65 billion-plus merger, with the combined company to be run out of the United States by Praxair’s chief executive.

The agreement, unveiled on Tuesday, comes after Praxair provided new assurances to Linde over jobs and corporate governance in Germany, sources have said quoted by Reuters.

As part of the agreement on key aspects of the planned all-share merger, existing Linde and Praxair shareholders would each own about 50 percent of the combined company.

The merged group will target $1 billion in cost savings, the two companies said in a joint statement, although some analysts said that figure looked overly optimistic.

The new entity, representing a combined $30 billion in 2015 revenues before antitrust sell-offs, will have a dual listing in New York and Frankfurt.

The general manager for Romania, Bulgaria and Serbia of Linde, Ciprian Islai, previosuly told energynomics.ro that the company is investing into new technologies, as the changes in the energy industry forced the power consumer to find solutions for energy efficiency.

“The oil price affected most industries so we came with solutions – investments in technology, in gas supply systems. The investment budget for 2016 is of more than 10 million euro,” said Islai. Linde Gas obtained last year a profit figure of 30 million euro, and invested so far in Romania about 315 million euro during the 20-year presence in this country. The annual revenue of 2015 of 118 million euro will have a similar figure in 2016, of 118.5 million, while the number of employees will reach 500 by year-end, from 465 last year.

The market leader in the domestic industrial gas market, Linde Gaz Romania is part of The Linde Group, one of the leading gas and engineering companies in the world. With revenues of about 18 billion euro in the financial year 2015, Linde Group has approximately 65,000 employees in more than 100 countries.