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Swiss Financial Regulator Denies Sika Investor Appeal in Saint-Gobain Deal

Post Time:May 06,2015Classify:Company NewsView:370

Swiss financial regulator FINMA denied an appeal by investors over a proposed $3 billion takeover of Sika by Saint-Gobain, according to a May 4 Reuters report. The Bill Gates Foundation as well as Cascade Investment had sought to force the French firm to buy out minority shareholders in Sika, which is controlled by the Burkard-Schenker family.

 

FINMA said it backed an April decision by Switzerland's takeover board that Saint-Gobain is not required to make an offer to Sika's minority shareholders.

 

According to Reuters, FINMA's decision makes it unlikely that minority shareholders will receive an offer from Saint-Gobain, which can control Sika without a majority of shares because it is proposing to buy the Burkard-Schenker family's stock, which has more voting rights.

Source: http://glassmagazine.com/news-item/commercial/swisAuthor: shangyi

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