May 11, 2018 / 5:25 AM / 4 months ago

Saint-Gobain to take stake in Sika as construction groups end dispute

PARIS, May 11 (Reuters) - French building materials company Saint-Gobain and Swiss peer Sika said on Friday they had reached an agreement to end a long-standing legal dispute, which will result in Saint-Gobain acquiring a large stake in Sika.

The complex deal will see Saint-Gobain acquiring Schenker-Winkler Holding AG (SWH) from the Burkard family, heirs to the founder of Sika.

Saint-Gobain and SWH have also agreed to sell a 6.97 percent stake in Sika to Sika for 2.1 billion Swiss francs ($2.1 billion), with Saint-Gobain retaining a 10.75 percent stake in Sika via the holding company for a minimum of two years.

The Swiss company also plans to hold an extraordinary shareholders meeting to establish a new unitary share class.

$1 = 1.0029 Swiss francs Reporting by Sudip Kar-Gupta in Paris and John Miller in Zurich; Editing by Sunil Nair

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