UK - Trustees of the roughly £1.5bn (€2.2bn) Pilkington Superannuation Scheme have reached an ‘understanding’ with new owner Nippon Sheet Glass regarding Pilkington’s obligations to the fund following its acquisition by NSG.
NSG said today it would buy the remaining 80% of UK glass firm Pilkington that it didn’t already own in a deal worth more than £2.9bn (€4.3bn), following a bidding process that started in October.
NSG said that it, Pilkington and the scheme “have reached an understanding” in respect of Pilkington's obligations to the fund following the acquisition.
The deal includes net debt, retirement benefit obligations and minority interests of approximately £1.2bn.
The move comes amid increasing involvement of trustees in corporate mergers and acquisitions activity recently, although further details on the understanding reached were not available.
A spokeswoman for Pilkington said the trustees agreed to the deal and that there would be “no change” in the situation.
The scheme is advised by Hewitt Bacon & Woodrow and Watson Wyatt and J P Morgan Chase Bank, according to its web site. Lovells is the legal adviser.
Its assets are managed by State Street Global Advisors, Nomura Asset Management, Goldman Sachs Asset Management and UOB Global Capital. Lovells is the legal advisor.