Building on-site plants and pipeline networks creates a physical asset moat: once a Linde facility sits inside a customer's fence-line, the economics of duplicating that infrastructure make competitive displacement prohibitively expensive. Ongoing capex of nearly $2.8 billion in H1 extends this installed base.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedthree sentences · whole, uncut
the claims it rests on · in our words, not the filing’s