Sector News

Sika a Step Closer to Takeover by Saint-Gobain

March 6, 2015
Chemical Value Chain
Chemical company Sika AG suffered a setback in its battle to prevent a takeover by France’s Saint-Gobain SA as the body governing acquisitions in Switzerland ruled in favor of the founding family’s plan to sell its interest.
 
The Swiss Takeover Board said Friday that it upheld a so-called opting-out clause that gives the Burkard family more than half of the company’s voting rights without triggering a mandatory offer for the rest of Sika’s shares.
 
The decision makes it more likely that the clause will be upheld if Saint-Gobain is successful in its attempt to seize control of Sika.
 
The Burkard family is trying to sell its stake to Saint-Gobain, giving the building materials giant control of Baar-based Sika. The Burkard’s stake, which is held by Schenker-Winkler Holding AG, represents around 53% of the company’s voting rights but only about 16% of its share capital.
 
The 2.75 billion Swiss franc ($2.82 billion) deal between the family and Saint-Gobain has angered other shareholders because the French company hasn’t offered to buy the rest of the company. The board and management of Sika, which makes chemicals additives for concrete and cement as well as adhesives for the automotive industry, has also opposed the planned takeover.
 
A court in Sika’s home canton of Zug is currently deliberating on the takeover.
 
By John Revill 
 

comments closed

Related News

May 15, 2022

New York’s EPR and packaging reduction bills lauded as game-changers in plastic pollution battle

Chemical Value Chain

The US State of New York is introducing two new bills to combat over-packaging, poor recycling rates and litter issues, including an Extended Producer Responsibility (EPR) program requiring companies such as McDonald’s and Amazon to pay for the cost of packaging disposal and recycling.

May 15, 2022

Borealis and Reclay launch entity focused on lightweight packaging 

Chemical Value Chain

The new organization’s mission is to redesign the critical steps of the plastics sorting and recycling system for post-consumer lightweight packaging (LWP) to speed up circularity, born from a need to meet the rising market demand for high-quality recyclates for use in high-end plastic applications.

May 15, 2022

Starbucks and Hubbub launch reusable packaging fund as COVID-19 diminishes consumer appetite

Chemical Value Chain

Starbucks and Hubbub have launched a £1 million (US$1.22 million) “Bring It Back Fund” to increase the uptake of reusable packaging in the F&B industry. The funding will go toward innovative ideas that make it easier for customers to use alternatives to single-use packaging by supporting pilot projects that help shift consumption habits.