Sika’s Founding Family Seeks Board Reshuffle to Push Exit Deal
Dec. 10 (Bloomberg) — Sika AG’s controlling shareholder, made up of founding family members, is pushing to reshuffle the board of the Swiss sealants and adhesives maker to pave the way for a sale of its stake to Cie. de Saint-Gobain SA for about $2.8 billion that’s being challenged by management.
Schenker Winkler Holding AG is requesting an extraordinary shareholder meeting to vote on removing Paul Haelg, Monika Ribar and Daniel Sauter from the board of directors, Sika said in a statement today. The family’s investment company, which has more than 10 percent of Sika shares, will propose Max Roesle as chairman.
The Burkard family, Sika’s biggest shareholder, is facing opposition from within the Swiss company to its agreement to sell its stake to to Saint-Gobain. Chief Executive Officer Jan Jenisch is leading a rebellion by management, which has threatened to quit if the transaction succeeds.
–With assistance from Jan-Henrik Förster in Zurich.
To contact the reporter on this story: Andrew Noel in London at anoel@bloomberg.net To contact the editors responsible for this story: Simon Thiel at sthiel1@bloomberg.net Thomas Mulier
