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Last Updated: Monday, 14 November 2005, 10:16 GMT
French firm extends offer for BPB
Bluewater shopping centre, Kent
BPB products have been used at a range of sites across the globe
French group Saint-Gobain has extended its 3.6bn ($6.3bn) bid for UK plasterboard-maker BPB.

The building materials firm said it would extend the bid until 2 December, adding that less than 1% of BPB's shareholders had accepted its offer.

BPB shares rose 1% on the news to 741.5 pence during early trading in London.

The extension follows press speculation that the French group may raise its current offer of 720p per share by 5.5% to 760p, making the bid worth 3.8bn.

More to come?

Over the weekend, news agency Reuters quoted unidentified sources close to the deal as saying Saint-Gobain would raise its offer if BPB's board backed the bid.

BPB rejected the French firm's previous approach saying it massively undervalued the group.

Instead, BPB's board claims the group is worth at least 800p a share.

Saint-Gobain mounted its campaign to take over BPB in July when it tabled a 675p a share offer.

It is keen to snap up BPB to expand its global presence, merging its insulation business with BPB's plasterboard operations.

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