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Swiss chemicals company Sika, stuck in a deal, due to conflict amongst board and family owners

The Swiss family that holds the reigns of chemicals business Sika, is looking to overturn many business decisions taken at a recent investor meeting over a 2.75 billion Swiss franc ($2.88 billion) takeover by French rival Saint Gobain. In December, the Burkard-Schenker family decided to sell its stake, but is not facing a protracted legal and regulatory battle with Sika’s management and much of its board, who are seeking to block the deal. The family’s holding firm has filed a suit, after having its voting rights clipped at 5 percent during a shareholder meeting in April. The move hampered the family’s efforts to push through a deal with Saint-Gobain.

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Sika,Saint Fobain,Burkard-Schenker,Swiss