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Scottish Sunday News: Pilkington's Takeover by Nippon Sheet Glass (NSG)

Another large UK-based manufacturer, Pilkington, recently succumbed to an overseas takeover offer from Tokyo-based Nippon Sheet Glass (NSG). The £2.2 billion deal marks the end of Pilkington's 180-year independence as a company. This acquisition comes at a time when many European countries have shown a protectionist stance towards foreign takeovers of their own companies, but the lack of opposition to the Pilkington-Nippon deal reflects the changing global economic landscape.

The Deal and Shareholder Response

Pilkington, holding a significant share of the global glass market, has recommended NSG's offer of 165p per share to its shareholders, following two lower proposals in recent months. The Pilkington board considers NSG's cash offer to be fair value for the business, particularly given the challenging and volatile markets in which the company operates. Shareholders, pleased with the price, are expected to approve the deal, allowing NSG to acquire the remaining 80% of Pilkington.

No Patriotic Backlash

Contrary to situations in the past, the Pilkington takeover did not spark a nationalistic backlash, with commentators noting that Pilkington had already reduced its workforce and moved significant operations to Europe in recent years. Shareholders have welcomed the deal, recognizing the benefits of an open economy and the enhanced value of their shares.

Pilkington's Legacy and Technological Achievement

Pilkington, recognized as one of the world's most technologically advanced glass makers, has a rich history dating back to its establishment as St Helens Crown Glass in 1826. The company has made significant contributions to the industry, such as inventing float glass manufacturing and self-cleaning glass. With manufacturing sites in 24 countries and sales in over 130 countries, Pilkington has a global presence and a focus on research and development, investing £29 million annually.

The Future of Pilkington and Synergies with NSG

The merger between Pilkington and NSG is expected to create a single global player with market-leading positions in both developed and emerging markets. NSG aims to secure access to global markets, particularly in the automotive and construction sectors, where Pilkington has a strong presence. This acquisition allows NSG to diversify its business and reduce dependency on supplying glass to liquid crystal displays.

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