BRUSSELS (Kyodo) The European Commission gave the go-ahead Wednesday for Nippon Sheet Glass Co.'s plan to acquire Pilkington PLC for £1.8 billion, or about 358 billion yen, to make the major British glassmaker a wholly owned subsidiary.
The acquisition would not significantly impede competition in the European marketplace, the commission said.
The deal enables Nippon Sheet Glass, which already holds about 20 percent of Pilkington's outstanding shares, to match the current global leader, Asahi Glass Co., in terms of sales.
Nippon Sheet Glass estimates it will have a market share of 14 percent with sales of approximately 760 billion yen after the acquisition.
Nippon Sheet Glass proposed the buyout through a tender offer last November.