Pilkington, the UK-based business of Japanese glassmaker Nippon Sheet Glass, said on 2 February 2007 that it had launched legal action against Mexico“s Vitro over a move to merge a unit part-owned by…
Pilkington, the UK-based business of Japanese glassmaker Nippon Sheet Glass, said on 2 February 2007 that it had launched legal action against Mexico“s Vitro over a move to merge a unit part-owned by Pilkington into another company. Pilkington said in a statement that it started proceedings to try to suspend and annul Vitro“s decision to merge its Vitro Plan unit, in which Pilkington has a 35% stake, into Vimexico, a new company. Pilkington said it was not consulted on the move, which would dilute its stake to 8.2%. “Vitro“s action shows blatant disregard for the rights of Pilkington in connection with this fundamental corporate change and breaches Vitro Plan“s by-laws”, Pilkington“s Mexican lawyers, Cervantes, Aguilar-Alvarez y Sainz, said in the statement.