Switzerland: Saint-Gobain has ended its takeover battle for Sika by reaching an agreement with the company and the Burkard family. The deal will see it retain a 10.75% share in Sika. However, it has acquired Schenker-Winkler Holding’s 6.97% share from the Burkard family and it has sold this stake to Sika for Euro1.74bn. Saint-Gobain is expected to make a profit of Euro600m on this sale. Saint-Gobain will gain additional voting rights and all legal proceedings will be dropped. Saint-Gobain and Sika have also agreed to extend their business relationship in the future.
"This is a very positive settlement for Saint-Gobain, both from a financial and a strategic perspective. We materialise a substantial positive net result in excess of Euro600m for our shareholders. We also retain a minority stake in a great company and will enhance the relationship between the two groups," said Pierre-André de Chalendar, chairman and chief executive officer of Saint-Gobain.
Saint-Gobain attempted to takeover Sika through acquiring a share of the company owned by the Burkard family in 2014. However, legal counteraction followed and an attempt to transfer shares of Sika from the Burkard family was blocked by a Swiss court in late 2016.
