Southeastern Asset Management reaffirms support for Sika's board

Date: 9 October 2015

Oct 5 Southeastern Asset Management, a shareholder group with a stake in Swiss chemicals company Sika AG, reaffirmed its support for the current board on Monday after controlling shareholders renewed efforts to oust the board after a failed attempt in July.

Southeastern, which owns about 4 percent of Sika, said in a statement the sale of the Schenker-Winkler family's 16 percent stake to Compagnie de Saint-Gobain at an 80 percent premium is disadvantageous to all non-family Sika stakeholders and to Saint-Gobain and its shareholders.Last December, Saint-Gobain agreed to buy a 16.1 percent stake from the Burkard-Schenker family that carries 52.4 percent of Sika's voting rights -- enough for control and, at 2.75 billion Swiss francs ($2.83 billion), a far cheaper option than buying the whole company.Read more below.Oct 5 Southeastern Asset Management, a shareholder group with a stake in Swiss chemicals company Sika AG, reaffirmed its support for the current board on Monday after controlling shareholders renewed efforts to oust the board after a failed attempt in July.  

Southeastern, which owns about 4 percent of Sika, said in a statement the sale of the Schenker-Winkler family's 16 percent stake to Compagnie de Saint-Gobain at an 80 percent premium is disadvantageous to all non-family Sika stakeholders and to Saint-Gobain and its shareholders.

Last December, Saint-Gobain agreed to buy a 16.1 percent stake from the Burkard-Schenker family that carries 52.4 percent of Sika's voting rights -- enough for control and, at 2.75 billion Swiss francs ($2.83 billion), a far cheaper option than buying the whole company.

Read more below.

600450 Southeastern Asset Management reaffirms support for Sika's board glassonweb.com

See more news about:

Others also read

Innovations that shape the glass industry: glass technology live was a highlight at glasstec 2024. We look back on the impressive exhibits and pioneering developments with Prof Dr Ulrich Knaack.
TK Srl, a leading provider of glass processing solutions, has unveiled a new 3D immersive video showcasing its TK Lamijet range of glass lamination ovens.
Saint-Gobain Glass and Eckersley O’Callaghan unite to drive the market toward low-carbon façades.
With over 50 years of expertise, Unelko’s Invisible Shield PRO 15 is setting new standards in glass protection, earning the trust of major industries and global glass producers.
Maud Thuaudet appointed Group Chief Financial Officer. Sreedhar N. appointed CEO for the Asia-Pacific Region.
New dynamic glass delivers true-to-life views & neutral aesthetics

Add new comment

From industry