NSG finally bids

The Board of UK-based glass manufacturer Pilkington has recommended shareholders accept a UK£ 1,65 (€ 2,38) per share cash offer from Nippon Sheet Glass (NSG). The Japanese company already owns a 19,7% stake in Pilkington.

The two companies say the merger, worth UK£ 2,2 billion (€ 3,17 billion), will create the world's largest glass manufacturer, with annual sales of UK£ 3,7 billion (€ 5,33 billion). It will also be the world's largest manufacturer of flat glass for the construction industry, with annual sales to the sector totalling UK£ 2,02 billion (€ 2,91 billion) - equivalent to a 14% world market share.