SIKA Receives Appeal of Swiss Court Decision in Takeover Attempt

SIKA AG has received an appeal filed by Schenker-Winkler Holding AG against a Swiss court that favored SIKA in a years-long dispute.

In a release dated January 5, SIKA noted that on October 27, 2016, the Cantonal Court of Zug (Switzerland) “ … denied all requests of Schenker-Winkler Holding AG (SWH). The Court held that the restriction of SWH’s voting rights at the Annual General Meeting 2015 pursuant to the share transfer restriction … was legal.”

The October decision was the latest in a years-long dispute between Swiss specialty chemical company SIKA AG and its founders, who want to sell their shares to French rival Saint-Gobain SA. The Burkard family – which founded SIKA AG – owns the company’s majority voting rights via SWH.

More than a year ago, SWH announced it was selling to Saint-Gobain, which would give the French conglomerate controlling interest in SIKA. SWH controls 16.1 percent of SIKA’s capital with 52.4 percent in voting rights.

In March 2016, Saint-Gobain extended its deal with the Burkard family, giving the company more time to acquire a controlling interest in SIKA AG. In response, SIKA’s board restricted the voting rights of SWH to 5 percent of all registered shares. This limited the company’s voting power during SIKA’s annual general meeting and extraordinary shareholders meeting.

Saint-Gobain challenged this strategy in the Swiss Zug Court, but the court’s October ruling prevented the Burkard family from selling its voting rights in Sika to Saint-Gobain. Saint-Gobain is appealing this decision.

This article is from glassBYTEs™, the free e-newsletter that covers the latest auto glass industry news. Click HERE to sign up—there is no charge. Interested in a deeper dive? Free subscriptions to Auto Glass Repair and Replacement (AGRR) magazine in print or digital format are available. Subscribe at no charge HERE.

This entry was posted in glassBYTEs Original Story and tagged , , . Bookmark the permalink.