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Platinum Equity Calls Off Purchase of PPG’s Auto Glass Businesses

11:30 AM MST | December 27, 2007 | Nancy Seewald

Investment firm Platinum Equity (Beverly Hills, CA) intends to terminate its agreement to acquire PPG Industries’ automotive OEM glass and automotive replacement glass and services businesses, and has filed a lawsuit in the Supreme Court of the State of New York alleging that it is “not obligated to consummate the agreement.” PPG, which says it has not filed a suit in this case, says it intends to “vigorously enforce its rights under its agreements with the Platinum group.” PPG says that it will continue to explore divestiture...

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