NEW YORK: Air Products and Chemicals Inc., the world’s largest hydrogen producer, offered to buy Airgas Inc. for about $7 billion in cash and debt to accelerate growth in the domestic US and overseas market.

The $60-a-share bid, 38% higher than Airgas’s closing price yesterday, followed two prior approaches that were rejected by Airgas, Allentown, Pennsylvania-based Air Products said in a statement today.

“While it remains our strong desire to reach an agreement with Airgas on a friendly basis, we are fully committed to pursuing this transaction and are prepared to take all necessary steps to complete it,” Chief Executive Officer John McGlade said in the statement.

The CEO said he’s prepared to go straight to Airgas shareholders with a hostile offer if necessary, as Air Products seeks to narrow the gap on market leaders Air Liquide SA of France and Germany’s Linde AG. Industrial gas companies separate air into components which are sold onto industries such as steel, electronics and health care.

Airgas is the largest US distributor of industrial, medical, and specialty gases and the largest producer in the country of nitrous oxide and dry ice, according to the company’s Web site. Founded in 1982 and built through more than 400 acquisitions, Airgas employs more than 14,000 people.

Airgas, which generated $4.35 billion in sales in its last fiscal year, lowered its annual earnings forecast on Jan. 28, after a dip in sales at its rental-welder business as construction demand slowed.

The bid by Air Products includes about $5.1 billion of equity and $1.9 billion of assumed debt. Air Products, which is being advised by JPMorgan Chase & Co., said it’s prepared to make disposals to ease regulatory concern.