Saint-Gobain and Sika must announce on Friday morning an agreement under which the French group would give up trying to take control of its competitor switzerland, reports the Financial Times, citing sources close to the matter.
Saint-Gobain had signed at the end of 2014 with the family Burkard an agreement for the transfer of the control of the swiss group for 2.3 billion euros, but the direction of Sika and several of its shareholders have multiplied since the legal procedures to prevent the implementation of this agreement, which runs until the end of June.
The sources of the daily british financial state that, according to this new agreement, which is not yet finalized, Saint-Gobain will gain the participation of the heirs of the founder of Sika for three billion swiss francs (2.5 billion euros), which would give him 17% of the share capital of the company and 52% of the voting rights.
After that, Saint-Gobain has agreed to sell to Sika a participation of 7% and to withdraw the voting rights of the supernumerary on the occasion of an extraordinary general meeting.
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Sika shall also pay two billion swiss francs to Saint-Gobain to cover the cost of the securities, and to ensure that may be a simplification of the structure of the voting rights on the basis of one share, one vote. The purchase of the participation of 7% returns in fact to a redemption of securities, writes the Financial Times.
Saint-Gobain did not respond to requests for comment in the immediate future. Sika was not reachable in the immediate future. Urs Schenker, a lawyer for the family Burkard, has not responded in the immediate future to an email requesting comment. Saint-Gobain stands to profit from the transaction while retaining about 10% of the capital of the group of Zug, writes the Financial Times, which states that, if Saint-Gobain holds such securities for at least two years before you sell eventually, it will be able to take advantage of a capital gains tax even more sweet.
The operation finally allows the family Burkard, heiress of the founder, Kaspar Winkler, to get out of the company. Paul Hälg, chairman of the specialist in chemistry for the construction sector, had once again asked in April to Saint-Gobain to withdraw its offer of acquisition of control.
(Source : AFP)