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European building materials supplier Saint-Gobain plans to acquire a controlling interest in chemicals company Sika for €2.3 billion (US$2.8 billion).
Saint-Gobain said it will purchase Schenker Winkler Holding AG – a business run by the Burkard family whose ancestor helped form Sika – owner of 16.1 percent of Sika’s capital and 52.4 percent of its voting rights. Saint-Gobain said it does not intend to launch an offer for Sika’s remaining shares and will continue developing Sika's business.
In a Sika press release, however, company executives said they were not consulted about the proposed transaction and strongly opposed the deal, saying it would bring unwanted change to the company's current structure and that they would step down if the purchase goes through. The deal now awaits anti-trust approval.