A previous ruling declaring Pilkington’s opposition to a shareholder meeting that confirmed a Vitro Plan/Viméxico merger has been declared without merit. Pilkington has therefore been ordered to pay legal costs and expenses associated with the trials.
de C.V. Vitro S.A.B. de C.V. has announced that the First Civil Chamber of the Superior Court of Justice of the State of Nuevo Leon has ruled in favour of Vitro in the case of the appeal of the second trial, filed by Pilkington Group Limited, on the alleged invalidity of the Extraordinary General Shareholder Meeting of Vitro Plan, S.A. de C.V. and has ordered Pilkington to pay legal expenses for the respective judgments, in this and in the previous instance.
As reported, 8-11 December 2006, Vitro Plan held an Extraordinary General Meeting of Shareholders at which shareholders approved a merger with Viméxico S.A. de C.V. by a then-creditor of Vitro Plan. Through this merger, which diluted Pilkington’s shares, Vitro´s flat glass unit reduced its debt by USD 135 million, thereby achieving improved financial ratio of debt to EBITDA of 4.5 to 3.2 times.
Referring to this ruling, Alejandro Sánchez Mújica, Vitro’s Executive Legal President and General Counsel, said: “We are pleased that the Superior Court of Justice has ratified the ruling issued by the First Court of Concurrent Jurisdiction of the First Judicial District of the State of Nuevo Leon, with respect to the shareholder agreements adopted on December 2006,and confirmed the agreements reached at the Extraordinary General Shareholder Meeting as valid and binding for all shareholders, including dissident shareholders. Once again judicial authorities have ruled in favour of Vitro, which has always fully complied with Mexican law.”
In its ruling, the Supreme Court of Justice ruled as unfounded and irrelevant the arguments raised by dissident shareholders and “confirmed the final ruling dated 19 September 2011 issued by the First Court of Concurrent Jurisdiction of the First Judicial District of the State.”
Vitro is the leading glass manufacturer in Mexico and one of the world’s major glass companies, backed by more than 100 years of experience in the industry. Founded in 1909 in Monterrey, Mexico, the company currently has subsidiaries in America and Europe, which offer quality products and reliable services to meet the needs of two different types of business: glass containers and flat glass.