Pilkington Shares Move Higher Amid Rumors of Takeover

Shares in Pilkington surged in early trading Monday after a report that a smaller Japanese rival was considering a £1billion takeover bid.

Nippon Sheet Glass denied it has made a move for Pilkington, in which it already has a 20 percent stake but the report prompted an 8.7 percent surge in Pilkington shares.They were up 5.25 pence to 65.5 pence in early trading Monday.

Nippon was said to have informally approached a Pilkington director with an offer of more than 80 pence.

Just two months ago, Pilkington reported a sharp fall in half-year profits and warned tough times were likely to continue for the rest of the year. Manchester analysts said a bid for Pilkington at some stage this year could not be ruled out.

600450 Pilkington Shares Move Higher Amid Rumors of Takeover glassonweb.com
Date: 17 January 2003
Source: Glass Digest Magazine

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