GLAVERBEL SHARE OFFER OVER 100 TIMES OVERSUBSCRIBED
The public offer by Glaverbel SA,
Europe's third biggest glassmaker, of 755,000 shares was more
than 100 times oversubscribed, a statement by banks and share
dealers responsible for the issue said.
    Glaverbel offered the shares at 1,850 francs in an
operation under which its parent company, Asahi Glass Ltd
<ASGL.T> will reduce its participation to 56.7 pct from 73.6
pct previously.
    Asahi is selling 500,000 shares in Glaverbel while the
company itself is issuing 340,000 new shares. Over 10 pct of
the total available shares has been reserved for staff.
    The statement said applicants for over 5,000 shares will
receive 30. There is a sliding scale which gives relatively
modest applications a higher proportion and those who sought
between 101 and 500 shares will receive five. No shares will be
given to applicants for fewer than 100 shares.
    Glaverbel's net consolidated profit rose to 542 mln francs
last year from 137 mln in 1985 and the group is to pay a 29
franc gross dividend, its first for over 10 years.
    As a result of the offer, some 45 pct of Glaverbel's
capital, or two mln shares, will be listed on the Brussels
bourse.
    Share dealers said some of the weakness on the bourse
recently probably has been due to the amount of money tied up
in Glaverbel applications.
 REUTER
