Last December, after the death of matriarch Franziska Burkard-Schenker, her five children announced plans to sell their controlling stake in Sika, their 105-year-old specialty company based in Switzerland, to French industrial company St. Gobain. Sika’s board opposes the deal, which is worth $2.83 billion. A voting rights dispute has ensued, according to
a
Financial Times
report.
Under the proposed deal, St. Gobain would buy a 16% stake in Siska from the Burkards, who are descendants of the company’s founder, Kaspar Winkler. The family holds 52% of the voting rights, which could be restricted to 2.6% if shareholders vote for a bylaw change at a meeting scheduled for April 14, the article said.
A Swiss court has rejected the Burkards’ request to intervene in the dispute. The family plans to appeal the court’s decision if the takeover is halted, the article said. (Source:
Financial Times
, March 24, 2015.)
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