Sika AG's specialty chemical production unit has voiced its opposition to an indirect acquisition of the company by French group Saint-Gobain AG.
Saint-Gobain said in a Dec. 5 statement that it intends to purchase Schenker Winkler Holding AG, the owner of 16.1 percent of Sika's capital and 52.4 percent of its voting rights, for about $2.2 billion.
“The board and group management of Sika AG have neither been involved nor consulted in connection with the proposed transaction,” Sika said in a statement. “The board and group management do not support the change of control of Sika to Saint-Gobain. The board neither sees the industrial logic in the transaction, nor significant synergies for Sika. Furthermore, the board and the group management believe that shareholder value would be impaired as Sika in the planned set-up would not be able to continue its successful growth strategy.”
Sika, based in Baar, Switzerland, said in a statement that its board of directors and group management were informed Dec. 5 that Saint-Gobain intends to indirectly acquire all shares held by the Burkard family, Sika's current majority shareholder.
According to Sika, Saint-Gobain will not make an offer to public shareholders of Sika AG and that the transaction is subject to approval by the anti-trust authorities.