The continuing saga regarding Japan's Asahi Glass Co., seems set to achieve the 95% shareholding it desires in Belgium-based glass giant Glaverbel SA. Once this level is reached, Asahi will launch what is described as a "squeeze" operation to obtain the remaining few percent and consequently 100% ownership of the company. This is a situation that exists under Belgian commercial law whereby the remaining shareholders are obliged by law to sell their shares to the bidder at the takeover price. At the end of the public offer, Asahi held, directly and indirectly 91.45% of Glaverbel's share capital. In addition, 26,674 convertible bonds were also tendered, representing 98.80% of the total issued. The payment of EUR 145 per share of common stock and EUR 3,641.53 per convertible bond then took place on April 15 2002.
