Sika directors, managers oppose sale to Saint-Gobain

Baar, Switzerland – Sika specialty chemical production company has voiced its opposition to an indirect acquisition of the company by French group Saint-Gobain.

In a press release, Sika said: “The Board of Directors and the Group Management of Sika were informed Friday evening, December 5, 2014, that the French Group Saint-Gobain intends to indirectly acquire all shares held by the Burkard family, Sika's current majority shareholder. If the transaction were to be closed, Saint-Gobain would control 52.4 percentof all voting rights and 16.1 percent of Sika's share capital. The Board and Group Management are informed that Saint-Gobain will not make an offer to public shareholders of Sika AG and that the transaction is subject to approval by the anti-trust authorities.

“The Board and Group Management of Sika AG have neither been involved nor consulted in connection with the proposed transaction. The Board and Group Management do not support the change of control of Sika to Saint-Gobain. The Board neither sees the industrial logic in the transaction, nor significant synergies for Sika. Furthermore, the Board and the Group Management believe that shareholder value would be impaired as Sika in the planned set-up would not be able to continue its successful growth strategy,” it added.

Saint-Gobain announced on 5 Dec that it was purchasing Schenker Winkler Holding AG, owner of 16.1% of Sika’s capital and 52.4 percentof its voting rights, for £1.8 billion.