Synergies not transparent as Nippon Sheet Glass struggled to assimilate Pilkington

Nippon Sheet Glass's takeover of Pilkington in 2006 may have been friendly but integrating the groups has been far from easy, writes Andrew Bounds.

NSG had 80 percent of its sales in Japan and saw Pilks, as it was affectionately known, as a way to gain global diversification. It started buying into the business in 2001, when the shares were at 60 p. Five years later, Pilkington shareholders accepted an offer of 165 p a share, ending 180 years of independence, according to a May 6 Financial Times report.

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