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Glass deal draws near
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Glass factory workers in Denbighshire could soon be working for a new, Japanese owner.
Nippon Sheet Glass Company looks likely to acquire glass maker Pilkington after reportedly beefing up its takeover offer to £2.2bn.
It already owns almost 20% of Pilkington, which has a special glass factory at St Asaph, and has had two indicative offers worth £1.97bn and £2.08bn rejected by the Pilkington board.
But Pilkington bosses are now thought to be ready to back the new 165p a share offer.
Analysts believe Nippon could generate savings from combining its UK subsidiary NGF Europe with the headquarters of Pilkington as they are both based in St Helens, Merseyside.
The businesses are viewed as complementary, with Nippon's strong in Japan, and Pilkington strong in North America and Europe,.
Pilkington refused to comment but it is thought confirmation of the recommended deal could come as early as next week.
Shares have not risen above the reported 165p bid price for about nine years - making the potential offer attractive to shareholders.
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January 23rd, 2006
Source: Icnorthwales.icnetwork.co.uk |
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