In December 2014, officials from Saint-Gobain announced it acquired a controlling interest in Sika for $2.8 billion. Saint-Gobain purchased the controlling share—16.1 percent of Sika’s capital and 52.4 percent of its voting rights—in a confidential auction process from the Burkard-Schenker family, which owns the majority stake in Sika. (Read Glass Magazine's coverage at the time.)
The transaction led to a three-year legal battle, with Sika management challenging the sale of majority ownership shares from the Burkard-Schenker family. However, the takeover looks like it will now proceed, with officials from Saint-Gobain, Sika and the Burkard-Schenkers signing an agreement to end the legal standoff.
The terms of the agreement allow for the ownership family to sell their stake in Sika to Saint-Gobain, “which will give up the special voting rights that were at the heart of the conflict,” according to a May 11 report from Bloomberg. Sika also purchased a 7 percent holding from Saint-Gobain, according to the article.
Read the full Bloomberg report.
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