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Tag Archives: Burkard family
Swiss specialty chemical company SIKA AG management continues its opposition to a takeover bid by French conglomerate Saint-Gobain. There is a “necessity of safeguarding Sika’s successful business model in the interest of all stakeholders,” the company’s management said when reporting fourth-quarter sales.
In a letter to Saint-Gobain shareholders, Swiss specialty company SIKA AG chairman Paul Hälg denounced the “value of the [Saint-Gobain] takeover attempt,” writing it could take years for the issues to be worked out in the court system. In response, Saint-Gobain management released a statement saying that “all antitrust authorities have given pre-closing clearance” and the company is “determined to pursue this value-creating transaction for both groups.”
French conglomerate Saint-Gobain plans to pursue its acquisition of a controlling interest of Swiss specialty chemical company SIKA AG pending a decision by the Swiss Zug Supreme Court. The court decision is expected in first half of 2016, according to the company’s latest 2015 third-quarter financial report. The company is waiting to see if the court will lift the restriction in voting rights the SIKA board has applied to Schenker-Winkler Holding (SWH), which is owned by the Burkard family.
Swiss specialty chemical company Sika AG’s seven-hour long annual general meeting of shareholders is one for the record books. The Swiss company’s management and several board members are in a standoff with Burkard family-owned Schenker-Winkler Holding (SWH) over the potential sale of SWH to Saint-Gobain, which would give the French conglomerate majority voting rights in Sika. Several key topics regarding this deal were voted on during the meeting.
Saint-Gobain’s agreement with the Burkard family over the sale of Schenker-Winkler Holding (SWH) has been extended until June 30, 2016. The deal would position Saint-Gobain to gain majority voting rights in Swiss specialty chemical company Sika AG without having to make an offer for the remaining shares.
The Swiss Cantonal Court of Zug has denied Schenker-Winkler Holding’s (SWH) request to hold an extraordinary shareholders meeting for Swiss specialty chemical company Sika AG. The Burkard family-owned company, SWH, controls 16.1 percent of Sika’s capital with 52.4 percent in voting rights. SWH plans to sell its stake in Sika to French-conglomerate Saint-Gobain. Via the special meeting, SWH sought to oust certain Sika board members who voiced opposition to the deal. Now that topic will be addressed during the regular annual shareholders meeting in April.
The Swiss Takeover Board has decided the Burkard family, which owns Schenker Winkler Holding AG, can move forward with selling its interest in Swiss chemical company Sika AG to French conglomerate Saint-Gobain.
Swiss specialty chemical company Sika AG has announced it will hold an investor meeting to discuss Saint-Gobain’s (SGO) move to seek a controlling interest in the company.