Glass deal draws near

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.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.

600450 Glass deal draws near glassonweb.com
Date: 23 January 2006
Source: Icnorthwales.icnetwork.co.uk

See more news about:

Others also read

Prism Architectural are pleased to announce the appointment by Knight Harwood to deliver the external glazing to Kings College, Wimbledon.
Allegion, plc, a leading global security products and solutions provider, has acquired Technical Glass Products (TGP) through one of its subsidiaries.
When designing a three-story restaurant overlooking the Chicago River, a client approached Solar Innovations® for a custom Folding Glass Wall.
Pilkington Spectrum, one of the industry’s most popular glass specifying tool, is now available to use on-the-go following the launch of a new smartphone app.
The W&W Glass installation utilized a Sotawall® Hybrid-Wall® unitized curtain wall system and a Pilkington Optiwhite™ Pilkington Planar™ point supported structural glass retail storefront system at the podium.
Pilkington United Kingdom Limited, part of the NSG Group, has two new patterns joining its popular Pilkington Texture Glass range.

Add new comment