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Sika says wins right to limit stakeholder's voting power in takeover battle
October 28, 2016 / 6:25 PM / a year ago

Sika says wins right to limit stakeholder's voting power in takeover battle

ZURICH, Oct 28 (Reuters) - Sika’s management won the latest round in its bitter takeover battle with Saint-Gobain on Friday with a Swiss court ruling that the founding family’s full voting rights could be restricted.

France’s Saint-Gobain has offered 2.75 billion Swiss francs to buy the 16 percent stake held by the Burkard family, which would give it control of Sika because it comes with nearly 53 percent of the voting rights.

Sika, which makes chemicals for the construction and automotive industries, has opposed the sale, saying it would wreck the company.

The Swiss company’s board responded to the offer by reducing the family’s voting power to 5 percent, blocking the takeover, a move contested by the Burkards.

But a court in Zug on Friday, said the restriction was admissible, Sika said. (Reporting by Brenna Hughes Neghaiwi; Editing by Greg Mahlich)

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