Compagnie de Saint-Gobain Acquisition (9654R)

TIDMCOD

RNS Number : 9654R

Compagnie de Saint-Gobain

14 March 2016

March 12, 2016

Saint-Gobain and the Burkard family extend the validity of their agreement relating to the sale of Schenker-Winkler Holding shares

Saint-Gobain and the Burkard family have decided to amend their agreement relating to the sale of shares of Schenker-Winkler Holding (SWH) - which holds the majority of Sika voting rights - and to extend the validity of the agreement until June 30, 2017. Saint Gobain will then have an option to extend the agreement until December 31, 2018.

Pierre-André de Chalendar, Chairman and CEO of Saint-Gobain stated, "Together, we are fully committed to this transaction. It makes sense from a strategic, industrial and financial standpoint for Saint-Gobain and for Sika, for their employees, for their customers and for all of their shareholders. The amendment to the agreement covers the longest of timelines to resolve related disputes, allowing SWH to regain its property rights. We are aware of the uncertainty and strain felt by Sika employees during this complex time and would like to reassert our commitment to safeguard the culture and the personnel of this outstanding company."

Urs Burkard said, "The extension to the agreement to sell reflects the family's alignment with Saint-Gobain, which it sees as the best controlling shareholder to accelerate the development of Sika and secure its future. No alternative to this transaction is being or will be considered."

ABOUT SAINT-GOBAIN

Backed by its experience and its capacity to continuously innovate, Saint-Gobain, the world leader in the habitat and construction market, designs, manufactures and distributes high-performance and building materials providing innovative solutions to the challenges of growth, energy efficiency and environmental protection. With 2015 sales of EUR39.6 billion, Saint-Gobain operates in 66 countries and has more than 170,000 employees. For more information about Saint-Gobain, visit www.saint-gobain.com and the twitter account @saintgobain or download the "Saint-Gobain Shareholder" application for tablet and smartphone.

 
 
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This information is provided by RNS

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March 14, 2016 05:05 ET (09:05 GMT)