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
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