Sector News

Saint Gobain still confident will complete Sika deal

February 1, 2016
Energy & 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)

comments closed

Related News

March 24, 2024

Thomas Gangl leaves Borealis

Energy & Chemical Value Chain

Appointed Borealis CEO in 2021, Thomas has led key initiatives including the sale of the nitrogen business, acquisitions of Rialti Spa and Integra Plastics AD, and Borouge’s IPO. He also made the final investment decision for the Borouge 4 plant, set to be the world’s largest polyolefin complex.

March 24, 2024

Chemours names Dignam permanent CEO

Energy & Chemical Value Chain

The Chemours Co. today named interim CEO Denise Dignam as the company’s permanent CEO and president, as well as a member of the board of directors, effective immediately. Dignam has been interim CEO since late February, when former CEO Mark Newman was placed on leave due to an internal investigation.

March 24, 2024

Neste merges three business lines into new Renewable Products unit

Energy & Chemical Value Chain

Neste Corp. (Espoo, Finland) has completed its organizational change process, announced on 1 November 2023. Neste informed that it will merge its three renewable business units into one Renewable Products business unit as well as restructure its functions to better support business-driven ways of working.

How can we help you?

We're easy to reach