ZURICH (Reuters) - Sika’s (SIK.S) high share price provides scope for the Swiss construction chemicals group to offer its controlling family shareholders a better buyout offer than one the clan has agreed with France’s Saint-Gobain (SGOB.PA), Sika’s CEO said.
“The great opportunity we have with the high group result and the high market price of the shares (is) we can offer now the family a better deal,” Paul Schuler told the group’s results news conference, adding talks were under way.
The family’s contract with St Gobain runs until the end of this year and may be extended, complicating matters, but Schuler said he was confident the Burkard family will find a good way to keep Sika in Switzerland.
“They know it and it’s clear that the price will be better than the (St Gobain) offer price but it is not in the (formal) discussion so far,” he said.
Reporting by Michael Shields