A Swiss court says it expects to rule later this year on efforts by Sika’s controlling shareholder the Burkard-Schenker family to lift the limit on its voting rights over the Swiss chemical company and thus pave the way for a takeover.
The Burkard-Schenker family’s holding company has had its voting rights clipped at 5 percent at shareholder meetings, hampering its efforts to push through a planned deal with French rival Saint-Gobain.
According to the Zug court website, both parties had agreed to forego a hearing scheduled for 14 September. “The ruling will probably be made in the fourth quarter of 2016,” it said.
The family owns just over 16 percent of Sika’s shares, but holds a majority of voting rights due to a dual-stock system.
Saint-Gobain has already struck a deal to buy the family stake for 2.75 billion Swiss francs ($2.80 billion), but management and many of Sika’s minority shareholders are opposed to the deal.