November 29, 2016 / 1:25 PM / in a year

Sika founders appeal against ruling in voting rights case

ZURICH, Nov 29 (Reuters) - The founding family of Swiss speciality chemicals group Sika has filed an appeal against a court ruling last month that upheld the tactics of Sika management to halt the planned sale of the clan’s stake to Saint-Gobain.

The family’s Schenker-Winkler Holding (SWH) wants the high court in Zug to dismiss the decision of the lower court, contending in a statement on Tuesday that resolutions of the 2015 Sika annual general meeting “passed only because of the unlawful restriction of SWH’s voting rights”.

The Buckard family’s holding company had previously said it would appeal against the ruling.

France’s Saint-Gobain has offered 2.75 billion Swiss francs ($2.71 billion) to buy the 16 percent stake held by the Burkards through the holding company, which would give it control because it comes with nearly 53 percent of the voting rights at Sika.

$1 = 1.0161 Swiss francs Reporting by Zurich newsroom

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