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Sika, Saint Gobain deal goes sour, as Swiss financial regulator denies Bill Gates and other minority shareholders being bought out

Investors, which included Bill Gates, were denied an appeal by the Swiss financial regulator over a proposed 2.75 billion Swiss franc ($3 billion) takeover of Swiss firm Sika by French company Saint Gobain. Bill and Melinda Gates’ foundation and Cascade Investment, had sought to push Saint Gobain to buy out minority shareholders in Sika, which is controlled by Burkard-Schenker family. However, Swiss financial overseer FINMA backed an earlier decision by Switzerland’s takeover board, that Saint Gobain was not required to make an offer to Sika’s minority shareholders. This leads to minority shareholders not receiving an offer from Saint Gobain, which can control Sika anyways, without a majority share, as it plans to buy the family-owned stock. A lengthy court battle seems to be in the offing for the control of Sika, as management and much of its board are blocking the sale to Saint Gobain.

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Switzerland, Bill Gates, Melinda,Sika,Saint Gobain,Burkard-Schenker,FINMA