Pilkington Spurns Takeover Offer

A web report from Guardian unlimited comments that Pilkington today (3/11/05) rejected a £1.9bn takeover approach from Nippon Sheet Glass as too low. The 179-year-old firm said the proposed 150p/share offer from NSG, which already owns 20% of Pilkington, fell "materially short of a price which the board is prepared to accept". Stuart Chambers, Pilkington's chief executive, said it was business as usual for now. "If there is a next step, it's up to them (NSG)," he said in a conference call.