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Sika chairman expects Saint-Gobain takeover attempt to be resolved by 2018
April 11, 2017 / 4:30 PM / 7 months ago

Sika chairman expects Saint-Gobain takeover attempt to be resolved by 2018

BAAR, Switzerland (Reuters) - Sika (SIK.S) Chairman Paul Haelg said on Wednesday he expects the hostile takeover attempt of his company by French construction materials giant Saint-Gobain (SGOB.PA) to be resolved by 2018.

Paul Haelg, chairman of the board of Swiss chemicals group Sika, addresses the company's annual shareholder meeting in Baar, Switzerland April 11, 2017. REUTERS/Arnd Wiegmann

Haelg said he was ready to speak with Sika’s founding family any time about a counter offer for their controlling stake, which they want to sell to Saint-Gobain for 2.75 billion Swiss francs (2.20 billion pounds).

“We have much more freedom to do an attractive offer based on the current share price, we are ready any time if the family wants to talk,” Haelg told Reuters after the Sika annual general meeting.

“Their current position is we cannot talk and we don’t want to talk because we have a contract (with Saint-Gobain). I still think developing a plan B would not be an issue with the contract,” Haelg said. “We are ready to go to 2018 if needed.”

Reporting by John Revill

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