COURBEVOIE (dpa-AFX) - Swiss specialty chemicals company Sika AG said that FINMA (Swiss financial markets authority) has issued a decision rejecting the appeal lodged by the shareholder group of William H. Gates III and Melinda French Gates as trustees of Bill & Melinda Gates Foundation Trust as well Cascade Investment.
With today's decision, FINMA has confirmed the decision of the Swiss Takeover Board pursuant to which the opting-out clause according to art. 5 of the articles of association of Sika AG applies to the proposed acquisition of Schenker-Winkler Holding AG by Saint-Gobain and, therefore, Saint-Gobain is not obliged to submit a public tender offer to all shareholders of Sika AG.
Separately, French building materials company Saint-Gobain (CODGF.PK) said that it welcomed the decision of FINMA which, following other positive decisions, confirms Sika's articles of association and does not express any reservations as regards the application of the opt-out clause in the case of Saint-Gobain. This opt-out clause exempts Saint-Gobain from launching a compulsory offer due to the acquisition of Schenker-Winkler Holding or SWH. FINMA's decision puts an end to the allegation relating to an abuse of rights claimed by Sika.
This fourth favorable decision on the validity of the opt-out clause confirms the legitimacy of the transaction between the Burkard family and Saint-Gobain.
It reinforced Saint-Gobain's determination to complete an industrial project that will allow Sika and Saint-Gobain to increase their sales and profitability, thereby creating value for all their shareholders.
Saint-Gobain noted that the delaying tactics of certain Sika Board members with the sole intention of deferring the closing of the transaction can only have negative consequences for all Sika stakeholders: delay in the implementation of the industrial logic, thus postponing the value creation for all shareholders; prolonged insecurity for the managers and the employees; extended uncertainties for customers and suppliers.
Copyright RTT News/dpa-AFX