Nippon Sheet Glass/Pilkington: Frequent Speculation

Date: 7 January 2003
Source: Yahoo

Date: 7 January 2003

Nippon Sheet Glass Co. Ltd. (J.NSG) Monday denied a U.K. press report saying that it planned to bid for Pilkington PLC (U.

PIL), a spokesman for the Japanese company said Monday.

The spokesman, contacted in Tokyo, said "there is no truth to the report," published in The Sunday Times of London, which said a planned deal valued the U.K. company at GBP1 billion.

The newspaper also said Nippon Sheet Glass - Pilkington's largest shareholder with a 20.4% stake - had informally approached a Pilkington director last month with an offer of more than 80 pence a share.

Pilkington officials weren't immediately available for comment on the report.

But analysts were skeptical that a deal was in the works, with several doubting that Nippon Sheet had the resources to bid at such a premium to the current share price.

One analyst said Pilkington is often the subject of takeover talk and that the idea of a takeover by Nippon Glass has been floated previously.

Pilkington shares were up 3.7% around 0950 GMT Monday at 62.75 pence.

600450 Nippon Sheet Glass/Pilkington: Frequent Speculation glassonweb.com

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