DUBLIN, Ireland (AP) _ Waterford Wedgwood PLC said Thursday it was offering about $60 million to buy the remaining 56 percent of German porcelain maker Rosenthal AG it doesn’t already control.
Anthony O’Reilly, chairman of the Irish maker of crystal and fine china, said the purchase would help the company extend its reach to continental Europe.
Rosenthal recommended that its shareholders accept the offer. Its stock rose 18 percent on the Frankfurt Stock Exchange.
Waterford first acquired a stake in Rosenthal last year. It owns about 31 percent of the company and has an option to buy a 13 percent stake held by Germany’s Bayerische Hypobank.
O’Reilly is also chairman and chief executive of H.J. Heinz Co., but announced this week that he will give up the chief executive post early next year.