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

February 4, 2023

Eastman acquires performance films company Ai-Red Technology

Chemical Value Chain

Eastman Chemical Co. (Kingsport, Tenn.) announced it has acquired Ai-Red Technology (Dalian) Co., Ltd., a manufacturer and supplier of paint protection and window film for auto and architectural markets in the Asia Pacific region.

February 4, 2023

BASF and StePac partner on chemical recycling MAP packs to fight food waste

Chemical Value Chain

BASF and Israeli packager StePac have joined forces to create the “next generation” of fresh produce packaging. BASF will provide StePac with greater flexibility to advance contact-sensitive packaging formats to a higher sustainability standard by supplying StePac with Ultramid Ccycled – a chemically recycled polyamide 6.

February 4, 2023

TotalEnergies and Intraplás partner on food-grade renewable biopolymer production

Chemical Value Chain

TotalEnergies’ biorefinery in La Mède, France, allows direct access to renewable feedstock for its drop-in RE:newable polymer range derived from bio-based products. The company claims these polymers retain virgin-like properties.

How can we help you?

We're easy to reach