Sika AG contests Saint-Gobain overture, maps North American market growth

More than a year after an initial overture and subsequent Swiss agency and European Commission legal proceedings, management of Baar, Switzerland-based Sika AG management remains adamantly opposed to a stock transfer to global glass and building materials giant Saint-Gobain. Sika Chairman Dr. Paul Hälg calls the transaction “unparalleled in the world” and reiterates board concerns rooted in the bid’s structure: Saint-Gobain seeks the stake of the largest shareholder “the Burkhart family” amounting to 16.1 percent of shares, but vested with 52.4 percent of voting rights. In a late-2015 letter to shareholders, he noted:

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