8 April 1999: British glassmaker Pilkington Plc saw its shares maintain their upward trend recently, as the company remained under the shadow of speculation that it could face a bid.
Pilkington“s sh…
8 April 1999: British glassmaker Pilkington Plc saw its shares maintain their upward trend recently, as the company remained under the shadow of speculation that it could face a bid. Pilkington“s shares were up five pence or 6.33 percent to 84p, rising from 63 pence in the last two weeks. A company spokeswoman declined to comment. Media reports this week have suggested that it could face a bid from French glassmaker Saint-Gobain at around 100 pence per share. Meanwhile, Pilkington chief executive Paolo Scaroni is reportedly telling fund managers that trading in the European and US car industries is better than expected. Even Brazil is “perking up”. Fears over South America (only 8% of the company“s sales) cut the shares from 148p last year. However, a Saint-Gobain bid would run into monopoly problems in Europe, analysts warn. The French glassmaker has denied it was planning a takeover bid for Pilkington. A company statement said it denied “any plan to launch a takeover bid” for the British firm, despite bid speculation that has surrounded Pilkington for weeks.