By Inti Landauro
PARIS--Resistance to Saint-Gobain's (SGO.FR) offer to buy
Swiss-based Sika (SIK.VX) strengthened on Tuesday as a new group of
minority shareholders said they oppose the deal.
Walter Gruebler, a former chairman of Sika's board, and former
board members, said they are backing the company's management in
opposing the Saint-Gobain takeover attempt, Sika said in a
statement. The stake held by those former board members represents
1% of Sika's equity.
"This transaction endangers the culture of a great Swiss family
company that has been able to evolve over the decades and destroys
value for Sika shareholders," the minority shareholders said.
"Resistance, represented by the board and the management, is
justified."
Sika's management and its board are fiercely fighting an
agreement sealed between the Burkard family, which controls Sika,
and Saint-Gobain in December. The family accepted an offer of 2.75
billion Swiss francs ($3.13 billion) for its holding company
Schenker-Winkler Holding AG, one of Europe's biggest
building-materials groups by revenue. The holding company currently
holds 52.4% of the voting rights in Sika but only 16.1% of the
shares.
The sale would give Saint-Gobain control without having to make
an offer for the remaining 83.9% owned by shareholders. The deal is
unfair for minority shareholders, the management has said.
Sika has said shareholders representing more than 35% of its
total capital have given their assurance that they support the
board of directors in its efforts to fend off the takeover.
Sika employs 16,000 people and supplies additives for concrete
and cement, as well as noise-damping products for the automotive
sector. The company increased sales by 8.3% to CHF5.57 billion in
2014.
Write to Inti Landauro at inti.landauro@wsj.com
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