Pilkington accepts £1.8bn takeover bid after three months of talks with Nippon Sheet Glass.

UK glass manufacturer Pilkington has agreed to a takeover bid by Japanese firm Nippon Sheet Glass.

Nippon has put forward a bid of £1.8 bn to buy the 80% of Pilkington that it does not already own. The move comes after three months of talks between the two companies.

Pilkington had rejected two previous offers from the Japanese firm, saying the price was too low.

Pilkington chief executive Stuart Chambers said: "Over the past nine years Pilkington has significantly improved its cost structure to become leaner and more profitable."

"The combination with Nippon will expand our geographic reach and enhance Pilkington's position as a global, world-class glass manufacturer."