April 11, 2017 / 11:31 AM / 3 months ago

Sika board limits founding family's voting rights to block takeover

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Baar, Switzerland, April 11 (Reuters) - Sika's board has limited its founding family's voting rights to 5 percent on appointments to the board and the chairman, Chairman Paul Haelg said on Tuesday, a move meant to block Saint-Gobain's hostile takeover attempt.

Saint-Gobain has sought to take control of Sika by buying the Burkard family's investment vehicle, which has 16 percent of the shares in the construction chemical maker but nearly 53 percent of voting rights.

Sika, which holds its annual general meeting on Tuesday, opposes the deal, saying it would damage its business because a competitor would control its operations with a minority of shares.

"It is clear beyond doubt that Sika does not need Saint-Gobain in order to achieve its strategic targets for 2020," Haelg also told shareholders.

Reporting by John Revill

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