German industrial gases group Linde and U.S. peer Praxair have ended merger talks that would have created a market leader with a value of more than $60 billion, they said on Monday, sending Linde’s shares tumbling.

The two companies had been in early-stage talks amid consolidation in the industrial gas sector, where slower economic growth has weakened demand in the manufacturing, metals and energy sectors.

“While the strategic rationale of a merger has been principally confirmed, discussions about details, specifically about governance aspects, did not result in a mutual understanding,” Linde lnegy said in a statement.

See also: Gas Suppliers Praxair and Linde Are Discussing a Possible Merger

Praxair px confirmed in a one-sentence statement that the talks had been terminated.

Linde shares dropped almost 9% in early trading and by 0712 GMT were down 7.8% at €137.30, at the bottom of the German blue-chip index and their lowest level in a month.

 

“We were not convinced that the merger would be beneficial for Linde shareholders,” DZ Bank analyst Peter Spengler, who has a “sell” recommendation on the stock, said in a note to clients.