AUTOGLASS has denied rumours that it is to be the subject of a £400 million management buy-out.

Speculation about the future of the windscreen specialist has mounted following this week's stock market flotation of South African Breweries, an industrial conglomerate which owns 68% of Autoglass's parent Plate Glass & Shatterprufe Industries.

SAB has made no secret of its desire to sell non-core businesses so long as the price is right, but achieving the 'appropriate' value for PGSI has been difficult after the glass firm issued a profits warning last year.