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
We are closing the chapter of the Chemicals Import Export Headquarters, and opening a new chapter under the name of Qemetica – a chemical group driving many industries on all continents. Therefore, the change of name is also accompanied by the adoption of the key goals of the business strategy for the next 6 years. – says Kamil Majczak, President of the Management Board.
In its efforts to advance chemical recycling, Neste has successfully conducted its first processing trial run with a new challenging raw material, liquefied discarded tires. In the processing run, Neste produced high-quality raw material for new plastics and chemicals.
Sika is opening a state-of-the-art facility in Lima, Peru, to produce synthetic macro fibers, and expanding the rollout of a product range with great growth potential in Latin America. With this innovative technology, Sika is further strengthening its position as a leading supplier to the mining industry and a strong partner for infrastructure projects.
