Deals
Sika, Saint-Gobain Sign Deal to End Bitter Takeover Battle
- Saint-Gobain pays Sika heirs for stake, sells portion to Sika
- Founding family’s special voting rights will be eliminated
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One of the most acrimonious takeover fights in Europe, which raged for more than three years, is drawing to a close.
Cie. de Saint Gobain SA, Swiss adhesives maker Sika AG and its founding family unveiled a complex accord Friday to end a protracted Swiss legal dispute. Under the terms, the heirs behind Sika sold their entire 17 percent stake for 3.22 billion francs ($3.21 billion) to Saint Gobain, which will give up the special voting rights that were at the heart of the conflict with other Sika shareholders and management.