Japan Glass Maker Announces Pilkington Deal

Nippon Sheet Glass Co. said Monday that it will acquire the 80 percent stake it doesn't have of Britain's Pilkington PLC in a deal worth 358.5 billion yen (US$3 billion; euro2.6 billion).

The Japanese company, which already owns about 20 percent of Pilkington, said it will offer 165 pence (340 yen; US$3; euro2.4) for each share.The deal calls for the Japanese company to raise 616 billion yen (US$5.3 billion; euro4.4 billion) when including refinancing Pilkington's debts and other costs, Nippon Sheet Glass said in a press release.Nippon Sheet Glass plans to use bank loans in Japan and the United Kingdom and will issue some stocks totaling 110 billion yen (US$941 million; euro793 million) to finance the deal, it said.The acquisition of Pilkington, which makes glass for cars and buildings, will make Nippon Sheet Glass a global leader in the flat glass industry with the largest market share, the Tokyo-based company said.Its main U.S. office is located in Toledo, Ohio.

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