Sector News

Saint Gobain still confident will complete Sika deal

February 1, 2016
Chemical Value Chain

(Reuters) – France’s Saint Gobain is still confident it will be able to take over Swiss rival Sika despite fierce opposition from management and many shareholders, its outgoing financial head told Reuters on Friday.

Saint Gobain struck a deal to buy a 16.1 percent stake and majority voting interest in the Swiss firm from the Burkard-Schenker family for 2.75 billion Swiss francs ($2.69 billion), but management and many of Sika’s minority shareholders oppose the deal. Several courts are examining the case.

“We are confident that the court in Zug will rule in our favour,” outgoing chief financial officer Laurent Guillot said, adding that he expected the ruling between June and September.

“We have strong support from our shareholders in this transaction,” he said. “We have no obligation, no need and no intention to make an offer to the other shareholders.”

The French construction materials maker said last month it had received approval from all antitrust authorities for the deal a year after it launched the takeover.

“Given the overwhelming industrial logic of the deal we are patient and willing to wait a few more months”, Guillot said.

(Reporting by Oliver Hirt, writing by Silke Koltrowitz)

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