Vitro achieves favorable ruling in the Pilkington appeal

• A previous ruling declaring Pilkington’s opposition to a shareholder meeting that confirmed a Vitro Plan/Viméxico merger was without merit.

Pilkington is ordered to pay legal costs and expenses associated with the trials.    Vitro S.A.B. de C.V. (BMV: VITROA) Vitro S.A.B. de C.V. (“Vitro” or “The Company”) announced today that the First Civil Chamber of the Superior Court of Justice of the State of Nuevo Leon ruled in favor of Vitro in the case of the appeal of the second trial, filed by Pilkington Group Limited (“Pilkington”), on the alleged invalidity of the Extraordinary General Shareholder Meeting of Vitro Plan, S.A. de C.V. (“Vitro Plan”) and ordered Pilkington to pay legal expenses for the respective judgments, in this and in the previous instance.As reported, from December 8th to 11th 2006, Vitro Plan held an Extraordinary General Meeting of Shareholders at which shareholders approved a merger with Viméxico S.A. de C.V. (“Vimexico”) by a then-creditor of Vitro Plan.Through this merger, which diluted Pilkington’s shares, Vitro´s flat glass unit reduced its debt by US$135 million, thereby achieving improved financial ratio of debt to EBITDA of 4.5 to 3.2 times.

Referring to this ruling, Alejandro Sánchez Mújica, Vitro’s Executive Legal President and General Counsel, said: "We are pleased that the Superior Court of Justice has ratified the ruling issued by the First Court of Concurrent Jurisdiction of the First Judicial District of the State of Nuevo Leon, with respect to the shareholder agreements adopted on December 2006,and confirmed the agreements reached at the Extraordinary General Shareholder Meeting as valid and binding for all shareholders, including dissident shareholders. Once again judicial authorities have ruled in favor of Vitro, which has always fully complied with Mexican law."

In its ruling, the Supreme Court of Justice ruled as unfounded and irrelevant the arguments raised by dissident shareholders and "confirmed the final ruling dated September 19, 2011 issued by the First Court of Concurrent Jurisdiction of the First Judicial District of the State."

600450 Vitro achieves favorable ruling in the Pilkington appeal glassonweb.com

See more news about:

Others also read

Jumbo Glass: Bigger is Just the Beginning
Building design is constantly changing. Today, strict energy codes and ambitious designs are urging architects to evolve their designs, and manufacturers must provide solutions for these emerging challenges.
Innovative bird-friendly glass featuring Starphire glass among highlights of renovated Tropical Rainforest
National Aviary’s new bird habitat unveiled after extensive renovation.
Starphire glass enhances UV transmittance, vegetation in renovated Tropical Rainforest
Workers install tropical plants, trees under bird-friendly glass to prepare for reopening of prized National Aviary attraction.
Goldray’s laminated pattern on Starphire glass showcases colorful corporate design trend
Ultra-clear glass, color interlayers highlight Spencer Finch-designed panels at 1775 Tysons Blvd.
New Holtec International headquarters features glass fabricated by J.E. Berkowitz
J.E. Berkowitz announced the completion of Holtec International’s new corporate HQ on the company’s 50-acre Krishna P. Singh Technology Campus in Camden, New Jersey.
Vitro Architectural Glass to debut ACUITY low-iron glass, sample kit available for pre-order
New low-iron glass offers clarity, color fidelity upgrade over conventional clear glass.

From industry

NEWS RELATED PRODUCTS

Vitro Architectural Glass (Formerly PPG Glass)
Vitro Architectural Glass (Formerly PPG Glass)

Add new comment