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South African Breweries: talks to dispose of its majority stake in Plate Glass & Shatterprufe Industries underway

22 July 1999: South African Breweries, the multinational beer giant headed by Graham Mackay, is in advanced talks to dispose of its majority stake in autoglass company Plate Glass & Shatterprufe Indus…

22 July 1999: South African Breweries, the multinational beer giant headed by Graham Mackay, is in advanced talks to dispose of its majority stake in autoglass company Plate Glass & Shatterprufe Industries (PGSI) for a cash deal worth about UK 150 million, according to a recent report. The firm is close to an agreement to sell its 68% stake in PGSI to a prospective joint venture, 70% owned by Belgian-listed car company D“Ieteren and 30% by investment bank Cobepa. The buyers are offering PGSI“s ordinary shareholders Euros 7.65, or 48 rand, per share. Shares of Johannesburg-listed PGSI were suspended yesterday at 33 rand. PGSI has global interests including a 78% stake in Belron International. Belron owns 45% of the leading US autoglass replacement company of Safelite AutoGlass. Other operating units include Britain“s Autoglass, Windscreens O“Brien in Australia and Belron Canada.

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