Saint-Gobain announced its acquisition of an Italian manufacturer of automotive adhesive tape.
The French company acquired 100 percent of the share capital of the Italian company h-old from private equity fund Arcadia Small Cap, according to a Saint-Gobain press release.
Founded in 1982, h-old designs, manufactures and distributes – mostly in Europe – sg-logo-2016specialty adhesive tapes for various high-performance applications for industrial and automotive markets.
The move to acquire h-old comes days after a Swiss court ruled against Saint Gobain in another takeover move — a years-long dispute to acquire a controlling interest in Swiss specialty chemical company SIKA AG.
The Swiss Zug court last week sided with SIKA AG’s management in a dispute with its founders, the Burkard family, who want to sell their shares to Saint-Gobain SA. The family owns SIKA’s majority voting rights via Schenker-Winkler Holding (SWH).
More than a year ago, SWH announced it was selling to Saint-Gobain, which would give the French conglomerate controlling interest in SIKA. SWH controls 16.1 percent of SIKA’s capital with 52.4 percent in voting rights. In March, Saint-Gobain extended its deal with the Burkard family, giving the company more time to acquire a controlling interest in SIKA AG. In response to the proposed deal, SIKA’s board has been restricting the voting rights of SWH to 5 percent of all registered shares. However, the court ruling Friday prevented the Burkard family from selling its voting rights in Sika to Saint-Gobain.
By Phillip Thompson
Source: GlassBytes
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