Upon this decision, the Company enters into a sale agreement of all of the Group’s Flat Glass operations in Australia and New Zealand, known as Pilkington (Australia) Limed and Pilkington (New Zealand) Limited, wholly owned by Pilkington Group Limited, to CSR Limited as below.
The Company received a number of competing offers to purchase all of the Group’s Flat Glass operations in Australia and New Zealand and, in the accounts for FY2007, the business has been classified as “held for sale” in the income statement as well as balance sheet. Following a process of due diligence and an assessment of the competing bids, the Company decided to accept the offer of CSR Limited. The Company believes that the transaction offers better value to the Company’s shareholders than would be realized by retaining these operations within the Company.
It is currently calculated how much gain from the sale of the shares will be realized upon the disposal of its shareholding in the business, which will be announced as soon as it is fixed.