Arab Today, arab today saintgobain purchase of switzerlands sika clears legal hurdle
Last Updated : GMT 02:32:13
Arab Today, arab today
Arab Today, arab today

Saint-Gobain purchase of Switzerland's Sika clears legal hurdle

Arab Today, arab today

Arab Today, arab today Saint-Gobain purchase of Switzerland's Sika clears legal hurdle

French building materials giant Saint-Gobain
Zurich - AFP

French building materials giant Saint-Gobain cleared a key hurdle in its bid for Swiss adhesives maker Sika, under a court ruling Tuesday.

Saint-Gobain does not have to make a public takeover offer before purchasing a controlling interest in the company, the Swiss Administrative Court ruled.

Minority shareholders in Sika, including the Bill and Melinda Gates Foundation Trust, have bitterly fought the takeover bid.

Saint-Gobain agreed to purchase the 16.1 percent stake in Sika held by the Burkard-Schenker family, which founded the company, for 2.75 billion Swiss Francs (2.53 billion euros, $2.86 billion).

The founding family holds a particularly powerful class of shares.

It means that if Saint-Gobain's purchase of these shares goes through, the French firm would control 52.4 percent of voting rights in Sika.

Sika’s minority shareholders have lashed the offer, accused Sika's founding family of disregarding the company's interests and engaged in a protracted battle in court.

They lost that battle on Tuesday, in a decision that Switzerland's Administrative Court said was final and not subject to appeal.

The Gates Foundation Trust, said it would continue to fight to quash the deal.

"The Foundation Trust will continue to defend their shareholder rights and oppose the ill-advised planned transaction that was structured to serve only the interests of Schenker-Winkler Holding AG (the Burkard family) and Saint-Gobain," according to a statement from Cascade Investments and the Gates Foundation Trust.

"The proposed transaction makes no strategic sense, is an affront to good corporate governance and is not in the interest of Sika’s business, employees, customers or public bearer shareholders...," it said.

"Cascade and the Gates Foundation will continue to protect their investment in Sika and oppose the transaction until reasonableness prevails, even if that requires a multi-year battle."

Saint-Gobain rejects the notion that its offer will be bad for Sika's business, predicting the merger will produce synergies worth roughly 100 million euros through 2017 and 2018, with larger profits in the future.

Representatives of the Burkard-Schenkers have long insisted that they are entitled to sell their stake at whatever price they deem fair.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saintgobain purchase of switzerlands sika clears legal hurdle Arab Today, arab today saintgobain purchase of switzerlands sika clears legal hurdle

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saintgobain purchase of switzerlands sika clears legal hurdle Arab Today, arab today saintgobain purchase of switzerlands sika clears legal hurdle

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Taxi! Transport gets an overhaul

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Turkey warns of 'security' steps

GMT 12:17 2017 Sunday ,24 September

Turkey warns of 'security' steps
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:11 2017 Saturday ,23 September

Doctor provides advices to families

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday