Vitro achieves favourable ruling in Pilkington appeal

  Legal news

A previous ruling declaring Pilkington’s opposition to a shareholder meeting that confirmed a Vitro Plan/Viméxico merger has been declared without merit. Pilkington has therefore been ordered to pay legal costs and expenses associated with the trials.

Legalissues
The Superior Court of Justice of the State of Nuevo Leon has ruled in favour of Vitro in Pilkington appeal
Vitro S.A.B. de C.V. Vitro S.A.B. de C.V. has announced that the First Civil Chamber of the Superior Court of Justice of the State of Nuevo Leon has ruled in favour of Vitro in the case of the appeal of the second trial, filed by Pilkington Group Limited, on the alleged invalidity of the Extraordinary General Shareholder Meeting of Vitro Plan, S.A. de C.V. and has ordered Pilkington to pay legal expenses for the respective judgments, in this and in the previous instance.
As reported, 8-11 December 2006, Vitro Plan held an Extraordinary General Meeting of Shareholders at which shareholders approved a merger with Viméxico S.A. de C.V. by a then-creditor of Vitro Plan. Through this merger, which diluted Pilkington’s shares, Vitro´s flat glass unit reduced its debt by USD 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 favour of Vitro, which has always fully compli...

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