Specialty chemicals and additives company, Sika AG, is the subject of a takeover bid by France’s Saint-Gobain, which has announced plans to acquire 16% of the Swiss company by purchasing the Burkar family’s stake in Sika. These shares are worth a 52.4% voting share, which would give Saint-Gobain a controlling interest in Sika AG.
Sika is objecting to the acquisition, which it says would hinder its growth. There is significant overlap between the businesses of Saint-Gobain and Sika, particularly in the cement and concrete and construction markets. Sika has agreed to meet with investors to discuss the transaction and is pushing for more say in how the two companies would operate together, should the acquisition go ahead, and more information for public shareholders. Some reports suggest that the acquisition is inevitable and will be finalised in the first half of next year.
Edited from various sources by Katherine Guenioui
Read the article online at: https://www.worldcement.com/europe-cis/18122014/sika-agrees-to-talks-on-takeover-bid-40/