Gujurat Glass: bid rumor for Saint-Gobain bottle business

Piramal Group chairman Ajay Piramal may be contemplating a bid for the specialty bottles unit of Saint-Gobain, according to a report in the Indian business daily DNA Money.
The deal, by Piramal unit …

Piramal Group chairman Ajay Piramal may be contemplating a bid for the specialty bottles unit of Saint-Gobain, according to a report in the Indian business daily DNA Money. The deal, by Piramal unit Gujarat Glass, would be worth about EUR 600 million and “could end in a leveraged buyout”, the paper said. Neither company confirmed the report, with Ajay Piramal dismissing it as “media speculation”. In September 2006, Saint-Gobain launched a strategic review of its speciality bottles activities, including the Desjonqueres business, which it said “may result in one or more partnerships with industrial or financial investors”. In October 2006, the French media reported Saint Gobain“s decision to sell Desjonqueres but stay in the glass packaging sector. The entire speciality bottles division generated sales of EUR 550 million in 2005, a small portion of the total group revenue of EUR 34.9 billion.