COURBEVOIE (dpa-AFX) - French building materials firm Saint-Gobain (CODGF.PK) Monday said it has taken notice of the acts of the Board of Directors of Swiss specialty chemicals firm Sika AG.
Saint-Gobain is advised by its legal counsel that these actions are clearly against all corporate law and governance principles in Switzerland.
Saint-Gobain said last month that it plans to acquire a controlling interest in Sika, by purchasing Schenker Winkler Holding AG, owner of 16.1 percent of Sika's capital and 52.4 percent of its voting rights, for 2.75 billion Swiss francs or $2.81 billion.
The Board of Directors of Sika AG said Monday it decided that the voting rights held by the Burkard family/SWH should be restricted to the statutory 5 percent limit.
The articles of association of Sika provide for registered shareholders not to hold more than 5 percent of all registered shares.
Only the Burkard family and SWH have been exempted from this rule, due to the Burkard family's close association with Sika, which stretches back more than a century, and its repeated public assertions of its intention to retain this close association and to protect the company against takeovers.
'Now that the Burkard family/SWH have formed a group with Saint-Gobain, this historical privilege must be considered lost, together with the right to convene extraordinary General Meetings,' Sika had said in a statement.
Copyright RTT News/dpa-AFX