However, it revealed this week that it was planning to float around half of the glass packaging business in early 2011. The unit had sales last year of around €3.4bn.

In a research note, Arnaud Lehmann and Harry Goad predicted that Saint-Gobain’s packaging unit could fetch €4bn in a sale. Other valuations of the business ranged from €3.2bn to €4.5bn.

“A disposal of the entire division to private equity funds remains a possibility, as the business has a strong and stable cash flow,” the analysts said. “Launching the IPO process may be a way to increase private interest.”