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Southeastern Asset Management reaffirms support for Sika's board

Post Time:Oct 09,2015Classify:Industry NewsView:254

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.

Source: www.reuters.comAuthor: shangyi

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