Nippon Sheet Glass of Japan has announced that it will proceed with its acquisition of British glass manufacturer, Pilkington. Nippon Sheet already owns 20% of the shares in Pilkington and will pay around 358 billion yen ($3.08m) for the remaining 80%.
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The Pilkington board agreed to the proposal after Nippon Sheet raised its offer to 165 pence a share, after initial bids of 150 pence (October 2005) and then a month later 157 pence.
The acquisition will make Nippon Sheet a global leader in the flat glass industry with sales of approximately 760 billion yen (US$6.54m), and help it with its ambition of becoming a “truly global concern” as stated in its ten year strategy laid out in 2000.
