GLASSMAKER Pilkington yesterday confirmed it had received a takeover approach thought to be worth up to £2bn.
Pilkington said the approach "may or may not lead to an offer being made for the company" as its share price jumped more than 20 per cent.
Japanese rival Nippon Sheet Glass and French company Saint Gobain are both rumoured to be interested in Pilkington, which is based in St Helens, Merseyside.
It is thought, however, that an approach by Saint Gobain would face a tough test to clear regulators on competition grounds.
Saint Gobain owns the Jewson building materials chain and is locked in a hostile bid battle for plasterboard maker BPB.
Nippon, one of the world's biggest glassmakers, is seen as a potential bidder because it is the largest shareholder in Pilkington with a stake of nearly 20 per cent.
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