Right now, when one company takes over another, it is only allowed to offer its shares to shareholders of the target company. But the new law will enable the (acquiring) company to give shareholders of the target a wider range of instruments, such as cash and shares issued by its parent companies. Anything goes under the new law.
Nippon Sheet Glass would have to raise money much larger than its market cap to finance the deal, and if you think about that, what they are doing is reckless.
Pilkington has been in the glass business much longer than Nippon Sheet Glass and they have pride as a British firm, and it would be very difficult for Nippon Sheet Glass to control it.