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Pilkington says court rules for price cut in German unit's minority stake buy
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Pilkington PLC said the Bavarian Supreme Court has ruled that there should be a reduction in the price payable by Pilkington Holdings GmbH for minority shareholdings in the German unit.
In 1989, Pilkington Holding GmbH (then Pilkington Deutschland GmbH) made an offer to acquire the minority interests in Pilkington Deutschland AG (then Flachglas AG) and Dahlbusch AG.
Certain minority shareholders challenged the offers made as insufficient.
The Supreme Court has decided that, in the case of Pilkington Holding GmbH, the price payable per share should be reduced from 350 eur per share to 344 eur per share.
As anticipated, the cash settlement payable, all of which will be capitalised as goodwill, will be around 40 mln stg , with payment being made around the end of the current financial year, the company said.
Around half of this amount is already included in the group's balance sheet.
In the related Dahlbusch AG case, the court dealing with that case has indicated that it would await the above decision and is unlikely to issue its decision before the beginning of 2006.
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November 29th, 2005
Source: Forbes.com |
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