It is reported that Saint-Gobain (SG) has agreed to buy BPB Plc for £3.89B cash, after raising its offer to win control of the plasterboard maker. SG said on 17/11 the two sides had agreed it would pay 775p/share, up from its previous offer of 720p. The figure is a 51% premium to BPB's share price on 20/07/05, the day before SGannounced it might make a cash offer for BPB -- which the UK company resisted as hostile. "This premium was the only way to turn a hostile takeover bid into a friendly offer and win the support of the management of BPB. This point is crucial," SG's Chairman/CE Jean-Louis Beffa told French daily La Tribune. The interview is for publication on Friday but Reuters obtained an advanced copy. "The price is probably higher than expected but it's worth it to get an agreed deal & particularly to try & keep middle management," Deutsche Bank analyst Paul Roger said.
