Piramal Scooping Up Saint-Gobain Chunk

Ajay Piramal is closing in on the specialty bottles business of French glassmaking giant Saint-Gobain, called Desjonquères.

The deal, if it goes through, is estimated to be worth around €600 million, or over $750million.

Investment bankers are said to be working out the modalities in London currently.

Ajay Piramal, chairman of the group, refused to commentwhen contacted by DNA Money, calling it “media speculation”.

An email to Saint-Gobain Desjonqueres on Monday went unanswered.

Sources, however, said Vijay Shah, director of Gujarat Glass, a Piramal group firm that is one of India’s biggest specialty glass manufacturers, is spearheading the move which could end in a leveraged buyout. The acquisition will be made through Kojam Fininvest, the holding company of Gujarat Glass.

Kojam, a listed company, holds 54% in Gujarat Glass. Piramal Enterprises, the group’s holding company, in turn, holds 54% stake in Kojam.

In early October, Saint-Gobain decided to sell the specialty bottles unit Desjonquères, estimated to be worth €600 million (around Rs 3,400 crore). The business delivered sales of around €550 million in 2005, with production sites in France, Germany, Spain, the US, Brazil, China and Russia, backed by a global sales network.

Desjonquères and its subsidiaries are part of the Saint-Gobain group’s packaging sector, and develop, produce and sell specialty glass bottles for the cosmetics, pharmaceutical, liquor and high-end perfume industries.

Read the entire news on the source link below.

600450 Piramal Scooping Up Saint-Gobain Chunk glassonweb.com
Date: 13 November 2006
Source: Dnaindia.com

See more news about:

See more from these topics:

Others also read

Saint-Gobain Inspire at Fitness First, New Delhi
Saint-Gobain has just completed the acquisition of France Pare-Brise, which has the second largest franchise network in France on the automotive glass repair and replacement market.
Saint-Gobain Infinity has once again been called on to demonstrate its prowess in providing sustainable glazing options.
The LEED-Gold rated building is glazed with Saint-Gobain glass.
Sophisticated, subtle, yet stylish, it is the perfect foil for SGG Planisafe for offices – sturdy and safe.
Now is the time for revolutionary glass for evolving workspaces, with Saint-Gobain Inspire’s Planilaque Evolution.

Add new comment