Saint-Gobain gets green light over Sika deal

16th Sep 2015 08:23

(ShareCast News) - Construction materials group Saint-Gobain said the Swiss Competition Commission (COMCO) has given the green light to its proposed acquisition of Swiss chemical firm Sika.In a statement released on Wednesday, the company said the ruling followed a similar decision by the European Commission in July 2015, following approvals by US and Chinese authorities.France-based Saint-Gobain had reached an agreement to acquire the 16.1% stake in Sika held by the company's founder, the Burkhard-Schenker family, for 2.75bn francs.However, a number of minority shareholders, including the Bill and Melina Gates Foundation Trust, claimed the proposed takeover did not make sense strategically and accused the Burkhard-Schenker family of operating against the company's interests."The proposed transaction makes no strategic sense, is an affront to good corporate governance and is not in the interest of Sika's business, employees, customers or public bearer shareholders," the trust said in a statement.Earlier this month, the Swiss Administrative court said Saint Gobain did not have to make a public takeover offer before purchasing a controlling stake in the business.COMCO's decision "confirm the industrial logic of reconciliation between the two groups", Saint-Gobain said on Wednesday.Saint-Gobain shares were up 0.56% to 41.43p at 0850 BST on Wednesday.