, Columnist
Europe's Bitterest Takeover Battle
If Sika's board and the Burkard family put aside their enmity, a revised Saint-Gobain deal might work for everybody
This article is for subscribers only.
The main players in Europe's most hostile bid situation are digging in. Saint-Gobain said last week that its bitterly contested plan to take control of building materials rival Sika was still a strategic priority -- even though the Swiss target's board and minority shareholders are prepared for a multi-year fight. There are peaceful ways out of the situation, if only emotion wasn't involved.
Sika is controlled by Switzerland's Burkard family through a 16 percent shareholding that carries super-voting rights. The family cut a deal in December 2014 to sell this stake to Paris-based Saint-Gobain for 2.75 billion Swiss francs ($2.86 billion). This was done in secret, despite the family being on Sika's board.