Saint Gobain remains confident it will take over Swiss rival Sika despite fierce opposition from management and many shareholders, according to latest reports.
Saint-Gobain struck a deal to buy a 16.1 percent stake and majority voting interest in the Swiss firm from the Burkard-Schenker family for 2.75 billion Swiss francs ($2.69 billion), but management and many of Sika’s minority shareholders continue to oppose the deal. Several courts are examining the case.
“We are confident that the court in Zug will rule in our favour,” chief financial officer Laurent Guillot said, adding that he expected the ruling between June and September.
“We have strong support from our shareholders in this transaction,” he said. “We have no obligation, no need and no intention to make an offer to the other shareholders.”The French construction materials maker said last month it had received approval from all antitrust authorities for the deal a year after it launched the takeover.
“Given the overwhelming industrial logic of the deal we are patient and willing to wait a few more months”, Guillot said.