Sector News

Sika investor Southeastern sells its stake

March 30, 2017
Energy & Chemical Value Chain

Southeastern Asset Management has sold all its shares in Sika, the investor, which has previously backed the Swiss company’s efforts to fend off a hostile takeover from Saint-Gobain, said on Monday.

“Southeastern is no longer invested in Sika,” a spokesman for the U.S. asset manager told Reuters, declining to give further details.

The investor held 3 percent of the Swiss construction chemicals maker in June 2015 but had reduced its holding to 0.25 percent by the end of 2016, according to Thomson Reuters data.

Southeastern had previously supported Sika’s management in resisting French building materials giant Saint-Gobain’s efforts to take control, an attempt that is currently being disputed in the Swiss courts.

Sika’s shares have gained about 80 percent in value since June 2015, outperforming the wider European construction index .SXOP.

By Oliver Hirt

Source: Reuters

comments closed

Related News

May 26, 2024

Borealis signs first Austrian wind and solar PPA with Burgenland Energie

Energy & Chemical Value Chain

Borealis has partnered with Austria-based wind and solar power producer and green tech solution provider Burgenland Energie on a power purchase agreement (PPA). Under the ten-year agreement, renewable electricity will be provided by a hybrid renewable energy park located in Nickelsdorf, Austria, which is owned by Burgenland Energie’s subsidiaries Nick Alpha and Wind PV Operation.

May 26, 2024

DuPont to split into three companies

Energy & Chemical Value Chain

DuPont de Nemours Inc. announced plans to split into three separate, publicly traded companies. The electronic materials and water business will become independent companies, with the remainder of the company to comprise New DuPont. The splits will be complete within 18 to 24 months, and do not require shareholder approval.

May 26, 2024

Olin hires new leader for chlor-alkali and vinyls business

Energy & Chemical Value Chain

Olin Corp. has hired Deon Carter as vice president and president/chlor-alkali products and vinyls, effective June 17. Carter was previously COO at Continental Industries Group, a position he took April 2023 after serving as president and CEO of Scientific Design Company.

How can we help you?

We're easy to reach