German industrial gases group Linde AG (OTCPK: LNEGY) and Praxair Inc. (NYSE: PX), Danbury, CT, have reached a deal in principle on their proposed $70 billion merger, according to a Reuters report.

The business combination agreement still needs the approval of Praxair's board of directors as well as Linde's management and executive boards. Linde's supervisory board is expected to vote on the merger agreement next week.

Merger talks between Linde and Praxair began in 2016, but had several stumbles, including talks being called off in September. Negotiations resumed in December.