France/Switzerland: Sika resists Saint-Gobain’s $2.8B takeover

French construction materials company Saint-Gobain announced Monday that it has reached an agreement to acquire Swiss peer Sika, according to reports.

Saint-Gobain, the EU’s largest supplier of construction materials, is set to take on a controlling stake of Sika for about $2.8 billion. To do so, Saint-Gobain said it would acquire Schenker Winkler, which owns 16.1 percent of the Swiss firm and 52.4 percent of its voting rights.

The French company said it does not plan to pursue a whole takeover of Sika, however.

Sika’s board of directors has publically spoken out against the deal, however, offering a statement saying it “does not support change of control to Saint-Gobain.”

”The Board and Group Management of Sika AG have neither been involved nor consulted in connection with the proposed transaction,” Sika’s statement said, adding that it “neither sees the industrial logic in the transaction, nor significant synergies for Sika.”

Full content: International Business Times

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