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Asahi Glass Co., Ltd (J.AHG) announced today that it has increased its direct and indirect shareholding in Glaverbel (GLAB.

Japan's largest glass maker, Asahi Glass Co. Ltd, announced Friday it will launch a $415 million public tender next week for the 35 percent of Belgian glass maker Glaverbel SA it doesn't already own.

Japan's largest glass maker, Asahi Glass Co. Ltd, announced Friday it will launch a $415 million public tender next week for the 35 percent of Belgian glass maker Glaverbel SA it doesn't already own.

Glaverbel SA shares closed slightly firmer in heavy trade, amidst speculation that funds are trying to block Asahi Glass Co Ltd's buyout bid, brokers said.

Shareholders holding about 12% of Belgian glassmaker Glaverbel have banded together to oppose a takeover bid from Asahi Glass for the 35% of Glaverbel not owned by Japan's largest glass company.

Over the last three trading days, the Glaverbel share price has increased to over 145 euro per share, with abnormally high trading volumes.

The Board of Directors of Glaverbel S.A. met on Tuesday 8 January 2002 to formulate the opinion that it must give to the Banking and Finance Commission, concerning the public tender offer announced on 19 December by Asahi Glass for the Glaverbel S.

Asahi Glass Co Ltd president Shinya Ishizu said he expects a "huge" increase in profitability from the reorganisation of its worldwide glass operations including the planned buyout of its Glaverbel SA unit.

Consolidated sales for Groupe Lapeyre amounted to Ï1,084.1 million at September 30, 2001, an increase of 15.3% compared with the first nine months of 2000.