Volume 37, Issue 1, January 2002
Asahi Bids to Purchase 45 Percent of Glaverbel
Japan’s Asahi Glass Co. Ltd. on December 19 bid 145 euro per share to purchase the 45 percent of Belgium-based Glaverbel that it does not hold presently. According to Asahi’s director for corporate planning, Takashi Wada, [the offer] “incorporates a premium against the share price some weeks ago to reflect the fact that Glaverbel was undervalued on the Brussels Euronext market in relation to competitors …”
According to Wada, part of the purchase will be for Asahi to assume the convertible bonds Glaverbel has already issued, which represent 100 million euro of the 470 million euro buyout amount.
Under normal Belgian rules, the Glaverbel board would have had only five days to decide on whether to accept Asahi’s bid. However, the Belgian Banking and Finance Commission extended the deadline until January 15. According to information from Glaverbel, its board commissioned a merchant bank to issue an opinion on the offer and also allowed independent directors to appoint an external adviser to study Asahi’s prospectus.
On January 15 Asahi announced that despite the fact that Glaverbel’s share price had increased to more than 145 euro, “with abnormally high trading volumes,” it had no intention of raising its offer price. “The offer remains at 145 euro per Glaverbel share, which [Asahi] believes to be a fair price, as confirmed to the board of directors of Glaverbel on January 8, 2002, by Petercam, the independent Belgian investment bank unanimously selected by the Glaverbel board of directors,” reported the statement.
However, at press time, neither Asahi nor Glaverbel had made a statement as to whether or not the bid had been accepted.
Kohler Co. issues Recall for 41,000 Shower Doors
The Kohler Co. of Kohler, Wis., has recalled about 41,000 shower doors, because their hinges can fail, causing the shower door to fall and result in injuries, reported the Consumer Product Safety Commission.
The two recalled models are the Kohler Helios and Sterling Freestyle, both of which were sold from January 1997 to October 2001. The styles include framed and frameless models for tubs and showers, and were available in a variety of widths, glass and finish options.
For replacement information visit www.kohler.com/doorrecall.
PPG Releases Fourth-Quarter Results
Pittsburgh-based PPG Industries has released its fourth-quarter financial results. Its net income was $83 million, or 49 cents per share, on sales of $1.91 billion. This compares to 2000’s fourth-quarter results, which included a net income of $126 million, or 75 cents per share, on sales of $2.1 billion.
Visit the Hot News section at www.usglassmag.com for expanded coverage of PPG’s fourth-quarter results.
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