by Sika has more than 300 plants worldwide (Keystone) The French building materials and distribution group Saint-Gobain has announced the sale of its 10.75% stake in the capital of the Swiss chemical manufacturer Sika. Saint-Gobain said in a press releaseexternal link on Tuesday that it would dispose of “of its entire stake in Sikaexternal link of approximately 15.2 million shares, representing 10.75% of Sika’s share capital”, without mentioning any financial amount. According to an AFP calculation, at the current Sika share price the transaction would be valued at some €2.5 billion (CHF2.65 billion). The result and the final terms of the private placement will be announced on Wednesday “at the latest”, according to Saint-Gobain’s press release. Sika, a specialist in
Topics:
Swissinfo considers the following as important: 3) Swiss Markets and News, 3.) Swiss Info, Business, Featured, newsletter, Saint-Gobain, Schenker-Winkler Holding, Sika
This could be interesting, too:
Frank Shostak writes Assumptions in Economics and in the Real World
Conor Sanderson writes The Betrayal of Free Speech: Elon Musk Buckles to Government Censorship, Again
Nachrichten Ticker - www.finanzen.ch writes Bitcoin erstmals über 80.000 US-Dollar
Nachrichten Ticker - www.finanzen.ch writes Kraken kündigt eigene Blockchain ‘Ink’ an – Neue Ära für den Krypto-Markt?
Sika has more than 300 plants worldwide (Keystone)
The French building materials and distribution group Saint-Gobain has announced the sale of its 10.75% stake in the capital of the Swiss chemical manufacturer Sika.
Saint-Gobain said in a press releaseexternal link on Tuesday that it would dispose of “of its entire stake in Sikaexternal link of approximately 15.2 million shares, representing 10.75% of Sika’s share capital”, without mentioning any financial amount.
According to an AFP calculation, at the current Sika share price the transaction would be valued at some €2.5 billion (CHF2.65 billion). The result and the final terms of the private placement will be announced on Wednesday “at the latest”, according to Saint-Gobain’s press release.
Sika, a specialist in sealants and adhesives with origins dating back to 1910, employs some 25,000 people and has more than 300 plants worldwide. The group, headquartered in Baar, canton Zug, achieved record sales of CHF8.1 billion ($8.38 billion) in the financial year 2019.
Long conflict
In May 2018 Sika and Saint-Gobain reached an agreement to end an almost four-year legal disputeexternal link.
The complex deal saw Saint-Gobain acquiring all outstanding shares of Schenker-Winkler Holding (SWH) from the Burkard family, heirs to the founder of Sika, for a purchase price of CHF3.22 billion.
The dispute over Sika had been raging since 2014 when Saint-Gobain offered CHF2.75 billion to buy the Burkhard’s controlling stake – comprising just 16% of the share capital but 53% of voting rights. Sika’s board objected, and the warring sides were locked in a stalemate in what became an expensive battle in the courts and a rare example of Swiss corporate enmity spilling into the public eye.
You Might Also Like
Swiss finance minister concerned about Covid-19 debt crisis in Europe
Ueli Maurer has warned that the financial crisis following Covid-19 and the resulting instability in Europe are a danger for Switzerland. In an interview with public broadcaster RTS on Tuesday, he said that he is concerned about the repercussions on Switzerland of a possible debt crisis in certain countries, especially Italy.
Swiss maker of clean aviation fuel gets boost from Lufthansa
The Lufthansa Group has entered a partnership with the Swiss solar fuel developer Synhelion. The Swiss start-up is working to produce a fuel that emits 50% less CO2 by 2022 and plans to market a 100% renewable fuel in 2030.
Airfare refunds remain a sticking point
The head of a major Swiss travel agency has complained that Swiss International Air Lines (SWISS) is not helping to reimburse clients fast enough. In the event of cancellations such as those prompted by the Covid-19 pandemic, Swiss package tour operators are legally obliged to provide refunds. But according to Thomas Stirnimann, the chief executive officer of Hotelplan, SWISS is not repaying the travel agents promptly.
Tourism industry told to adapt to new travel habits
Going on holiday in one’s own country and in the countryside, in smaller groups and sometimes with restrictions – this is the new reality to which the tourism industry must adapt, according to a study by the University of St Gallen.
Swiss industry endured horror April during pandemic peak
Swiss watch exports slumped by over 80% last month, recording sales of just CHF329 million ($339 million) – compared with CHF1.76 billion in April 2019. Both exports and imports in all industries endured a predictably dire performance as Covid-19 resulted in national lockdowns.
Coronavirus fuels Swiss bicycling surge
While demand for public transport collapsed during Switzerland’s partial lockdown, bicycle usage soared across the country. But greater acceptance of cycling nationwide will depend on further political decisions and transport planning.
2021 Geneva Motor Show ‘very uncertain’ as organisers reject loan
The 2021 edition of the Geneva International Motor Show remains touch and go after the organisers rejected the terms surrounding a state rescue loan. This year’s car show was cancelled four days prior to its opening due to the coronavirus outbreak, costing an estimated loss of CHF11 million ($11.3 million) for the organisers of Switzerland’s largest public event.
Credit Suisse grants CHF2.8 billion in corona credit
Major Swiss bank Credit Suisse has issued 15,400 emergency loans totaling CHF2.8 billion ($2.9 billion) during the coronavirus crisis, says board chairman Urs Rohner. The numbers are similar at competitor UBS.
Tags: Business,Featured,newsletter,Saint-Gobain,Schenker-Winkler Holding,Sika