By John Revill
ZURICH--Swiss chemicals company Sika AG has offered 2.25 billion
Swiss francs ($2.36 billion) to buy its founding family's
controlling stake, Swiss media reported Sunday, a move designed to
scupper a hostile takeover by France's Saint-Gobain SA.
The management of Baar-based Sika has made the offer to
encourage the Burkard family to cancel their agreement to sell
their holding to Saint-Gobain for 2.75 billion francs.
Sika chairman Paul Haelg said last week the board was working on
alternative proposals to the family, although he declined to give
details.
The proposed new Sika deal could see the family retain some
shares, which could cover the difference between the two offers if
they increased in value, SonntagsZeitung reported, citing two
sources.
The family own more than 16% of the stock, which controls 52.9%
of the voting of the company. The family's agreement with
Saint-Gobain sparked a bitter takeover battle when it was announced
in December.
Sika managers and directors have opposed the takeover by
Saint-Gobain, which they say will damage the company.
A Sika spokesman was unavailable for comment.
Write to John Revill at john.revill@wsj.com
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