By John Revill
ZURICH-- Sika AG suffered a setback in its battle to prevent a
takeover by France's Saint-Gobain SA as the body governing
acquisitions in Switzerland ruled in favor of the founding family's
plan to sell its interest.
The Swiss Takeover Board said Friday that it upheld a so-called
opting-out clause that gives the Burkard family more than half of
the company's voting rights without triggering a mandatory offer
for the rest of Sika's shares.
The decision makes it more likely that the clause will be upheld
if Saint-Gobain is successful in its attempt to seize control of
Sika.
The Burkard family is trying to sell its stake to Saint-Gobain,
giving the building materials giant control of Baar-based Sika. The
Burkard's stake, which is held by Schenker-Winkler Holding AG,
represents around 53% of the company's voting rights but only about
16% of its share capital.
The 2.75 billion Swiss franc ($2.82 billion) deal between the
family and Saint-Gobain has angered other shareholders because the
French company hasn't offered to buy the rest of the company. The
board and management of Sika, which makes chemicals additives for
concrete and cement as well as adhesives for the automotive
industry, has also opposed the planned takeover.
A court in Sika's home canton of Zug is currently deliberating
on the takeover.
Write to John Revill at john.revill@wsj.com
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