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July 26, 2001 		Feedback  
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Royal Philips to acquire CG Glass

Dutch firm Royal Philips Electronics said on Thursday it has entered into agreements with the founders of India's CG Glass Ltd to acquire their entire 46.8 per cent stake at Rs 13.75 per share.

It also said it will make an open offer to acquire the remaining 53.2 per cent from the public at the same price.

CG Glass which makes glass shells, tubular sheets and glass tubing sells a major portion of its output to Philips India's lighting division.

It was formed as a joint venture between Crompton Greaves and CDC Group Plc.

Philips India is a subsidiary of Royal Philips Electronics.

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