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SAINT-GOBAIN BUYS OUT THE MINORITY INTERESTS IN SAINT-GOBAIN CRISTALERÍA
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Compagnie de Saint-Gobain launched today a tender offer for the remaining 25.53% stake in its Spanish subsidiary Saint-Gobain Cristalería S.A.. Subject to approval by the Spanish National Stock Exchange Commission, the price offered would be EUR 60 per share, representing a premium of 71% over Saint-Gobain Cristalería S.A.'s closing share price at March 30, 2001. The total cost of buying out the 3,907,388 outstanding shares would therefore be EUR 234 million. This transaction will have an accretive impact on the Saint-Gobain Group's earnings per share as from 2001.
As mandatory "squeeze-out" procedures do not exist in Spain, Compagnie de Saint-Gobain's objective is to acquire the greatest possible number of shares included in the free float in order to obtain the de-listing of Saint-Gobain Cristalería from the Madrid Stock Exchange.
Saint-Gobain Cristalería is Spain's leading manufacturer of glass products, industrial ceramics and piping systems. In 2000, the company reported net sales of EUR 1,466 million and employed 9,966 persons in six countries (Spain, Portugal, Argentina, Chile and Colombia).
02/04/2001
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