Sika has been informed that Schenker-Winkler Holding AG (SWH) has challenged certain decisions of the AGM of Sika on 12 April 2016. With its action SWH challenges essentially the re-election to the board of directors of Monika Ribar as well as Paul Halg, Daniel Sauter, Ulrich Suter and Christoph Tobler as well as the non-election of Jacques Bischoff as a board member.
Already pending before the Cantonal Court of Zug are two challenges by SWH of certain decisions of the Annual General Meeting of April 14, 2015, as well as of the Extraordinary General Meeting of July 24, 2015. In these proceedings, the principal issue is whether the transfer restriction as set forth in Sika's articles of incorporation applies to the intended sale by the Burkard family of their stake in Sika (mostly registered shares) to Saint-Gobain.
Sika remains convinced that the absorption of the company by a large conglomerate, which also is a global competitor in mortars, lacks any industrial logic because of the fundamental conflicts of interest and the unrealistic synergy expectations. Therefore this transaction is not in the interest of Sika and continues to be opposed by the overwhelming majority of all stakeholders.
Adapted from press release by Rebecca Bowden
Read the article online at: https://www.worldcement.com/europe-cis/27062016/challenges-to-decisions-of-sika-agm-402/