Tag Archives: Schenker-Winkler Holding

SIKA Restricts SWH’s Voting Rights at Annual General Meeting

Saint-Gobain’s battle for control of SIKA continues on. The latest development came this week when the board of directors for Swiss specialty chemical company SIKA again restricted the voting rights of Schenker-Winkler Holding (SWH) to 5 percent of all registered shares during the annual general shareholders meeting. French conglomerate Saint-Gobain plans to acquire SWH, thus gaining majority voting rights in SIKA. Saint-Gobain has challenged the restricted voting rights’ strategy by SIKA’s board in the Swiss Zug Court. Continue reading

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Saint-Gobain Extends Deal to Acquire Controlling Interest in SIKA

French conglomerate Saint-Gobain has extended its deal with the Burkard family, giving the company more time to acquire a controlling interest in Swiss specialty chemical company SIKA AG. The Burkard family owns SIKA’s majority voting rights via Schenker-Winkler Holding. Continue reading

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Saint-Gobain Remains Determined to Acquire Controlling Interest in SIKA

In 2015, the antitrust authorities gave their “unconditional approval” for French conglomerate Saint-Gobain to gain a controlling interest in Swiss specialty chemicals company SIKA AG, Saint-Gobain management wrote in their 2015 financial report. Continue reading

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SIKA Says It’s Steadfast Against Saint-Gobain Takeover

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. Continue reading

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SIKA AG Chairman: Saint-Gobain Takeover Would Destroy Company’s Value

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.” Continue reading

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Saint-Gobain Awaits Swiss Supreme Court Decision to Pursue SIKA Deal

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. Continue reading

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The Swiss Competition Commission Green Lights Saint-Gobain’s Acquisition

The Swiss Competition Commission has “unconditionally authorized Saint-Gobain’s acquisition of control over SIKA” according to French conglomerate Saint-Gobain. Continue reading

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Swiss Administrative Court: Saint-Gobain Is Not Obligated to Extend Offer to All Shareholders

The Swiss Federal Administrative Court (FAC) had upheld Swiss specialty chemical company SIKA AG’s opt-out clause, rejecting a complaint filed over the clause by the Bill and Melinda Gates Foundation Trust and Cascade Investment. The court drama began after French conglomerate Saint-Gobain’s plan to gain a controlling interest in SIKA by acquiring Schenker-Winkler Holding (SWH) was revealed late last year. Continue reading

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Saint-Gobain Says Acquisition of SIKA Moving Forward

“Antitrust filings are proceeding as planned.” This is how French conglomerate Saint-Gobain’s management refers to the company’s bid to acquire Swiss specialty chemical company SIKA AG in its 2015 report on half-year results. Continue reading

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SIKA Board Holds Extraordinary Shareholders Meeting

Swiss specialty chemical company SIKA AG’s board restricted the voting rights of Schenker-Winkler Holding (SWH) to 5 percent of all registered shares, thwarting the Burkard family-owned company’s attempt to remove the board chairman and several board members during the extraordinary shareholders meeting held Friday. In a repeat of what occurred at annual general shareholders meeting in April, compensation for the members of the board was rejected for the “current term of office.” SWH retained its majority voting rights on this topic. Continue reading

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SIKA Investors File Lawsuit Against Burkard Family Member

Cascade Investment LLC and the Bill & Melinda Gates Foundation Trust have filed a director’s liability lawsuit against Urs F. Burkard, board member of SIKA AG, alleging breach of director’s duties. The Swiss specialty chemical company, its current management and some investors, such as Cascade and the Bill & Melinda Gates Foundation, are attempting to stave off a bid by French conglomerate Saint-Gobain to gain a controlling interest in SIKA by acquiring Schenker-Winkler Holding (SWH). Continue reading

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SIKA’s Board Says No to Proposed Agenda Changes at Extraordinary Meeting

Swiss specialty chemical company SIKA AG’s board has denied Schenker-Winkler Holdings (SWH) request to revise the agenda for the July 24, 2015 extraordinary general meeting. Continue reading

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SIKA Reportedly Gains New Shareholder that Opposes Saint-Gobain Deal

Swiss specialty chemical company SIKA AG has reportedly gained a new 3 percent shareholder that opposes the deal by Burkard family-owned Schenker-Winkler Holding (SWH). This deal would give majority voting rights in the company and subsequently ownership of SIKA to French conglomerate Saint-Gobain. Continue reading

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Swiss Superior Court Denies SWH Appeal to Overturn Voting Restriction

The Swiss Superior Court of Zug (Obergericht Zug) has denied Schenker-Winkler Holding AG’s (SWH) appeal over its restriction of voting rights in specialty Swiss chemical company SIKA AG. SIKA, its current management and some investors are attempting to stave off a bid by French conglomerate Saint-Gobain to gain a controlling interest in SIKA by acquiring SWH. Continue reading

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Swiss Financial Authority Confirms Validity of Sika’s Opt-Out Clause

The Swiss Financial Markets Authority (FINMA) has denied an appeal by the Bill & Melinda Gates Foundation Trust as well as Cascade Investment, which are both shareholders in Swiss specialty chemical company Sika AG. The shareholders were attempting to appeal a decision by the Swiss Takeover Board to uphold Sika’s opt-out clause, which would allow French conglomerate Saint-Gobain to gain the majority of voting rights in the Swiss company without tendering an offer for all shares by purchasing Schenker-Winkler Holding. Continue reading

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Sika’s Annual General Meeting Turns into 7-Hour Long Debate

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. Continue reading

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Saint-Gobain, Burkard Family Extend Time Period for Deal

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. Continue reading

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Swiss Takeover Board Upholds Sika’s Opt-Out Clause

The Swiss Takeover Board has upheld Sika AG’s “opt-out clause,” which allows French conglomerate Saint-Gobain to buy Schenker-Winkler Holding (SWH) and majority voting rights in Sika without having to make an offer for the remaining shares. SWH is owned by the Burkard family, which controls 16.1 percent of Sika’s capital with 52.4 percent in voting rights. SWH plans to sell its stake in Sika to Saint-Gobain. The Sika board and management have voiced their opposition to the deal. Continue reading

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Swiss Court Denies Burkard Family’s Request to Uphold Its Voting Rights in Sika AG

The Swiss Cantonal Court of Zug has denied Schenker-Winkler Holding’s (SWH) request to uphold the company’s voting rights in Sika AG. SWH is owned by the Burkard family, which 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. The Sika board and management seeks to restrict the Burkard family’s voting rights to 5 percent given its desire to sell its Sika shares to Saint-Gobain. Continue reading

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Burkard Family’s Bid to Sell Sika Will Be Addressed at Regular Shareholders Meeting

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. Continue reading

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Swiss Court Dismisses Request to Overturn Sika Board Decision

The Cantonal Court of Zug in Switzerland has dismissed Schenker Winkler Holding AG (SWH) request to review a decision by Sika’s Board of Directors to reduce the company’s voting rights to 5 percent. The Burkard family-owned company controls 16.1 percent of Sika’s capital and had 52.4 percent in voting rights. But now that SWH is limited to 5 percent voting rights, it can’t call an official meeting, making it more difficult for French building materials company Saint-Gobain to proceed with its deal to purchase SWH for $2.84 billion USD (CHF 2.75 billion). The deal was designed to give controlling interest in Sika to Saint-Gobain. Continue reading

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Sika AG Throws Up New Roadblock for Saint-Gobain

French conglomerate Saint-Gobain’s deal to acquire a controlling interest in Swiss specialty chemical company Sika AG appears to have had the brakes thrown on it. The Sika Board of Directors has decided the Burkard’s family voting rights in the company should be reduced to 5 percent. The Saint-Gobain deal hinged the Burkard’s family’s agreement to sell Schenker Winkler Holding AG to Saint-Gobain. The family-owned company controls 16.1 percent of Sika’s capital and 52.4 percent of its voting rights, which would have paved the way for Saint-Gobain to gain controlling interest of Sika. Continue reading

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