MOSCOW (MRC) -- Sika's founding family has filed a legal challenge to decisions taken at the company's April shareholders' meeting, marking the latest twist in the family's six-month old effort to sell its shares in the Swiss industrial group to France's Saint-Gobain, said the Financial Times.
The Burkard family are appealing against votes in April that the family was not allowed to use its full 52 per cent voting rights, reports Laura Noonan, investment banking correspondent.
If the family had been allowed to vote, they could have elected new board members who would have sanctioned the EUR2.75bn sale of the family's stake.
Sika's management and board oppose the sale.
A spokesman for the family's SWH investment vehicle told the Financial Times an action was lodged with the court in Zug, Switzerland, on May 26.
The family is separately awaiting a judge's decision on whether they can vote with all their shares at a July shareholder meeting.
As MRC informed earlier, recently Sika has achieved outstanding results in this year’s leading brand rating in Switzerland, “Best Swiss Brands 2015” : The brand value of the international specialty chemical company has increased by 78% in the last twelve months and was assessed best improver in the ranking.
Sika is a specialty chemicals company with a leading position in the development and production of systems and products for bonding, sealing, damping, reinforcing and protecting in the building sector and the motor vehicle industry. Sika has subsidiaries in 90 countries around the world and manufactures in over 160 factories. Its more than 16,000 employees generated annual sales of CHF 5.6 billion in 2014.
MRC