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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Compagnie De Saint-gobain | LSE:COD | London | Ordinary Share | FR0000125007 | COMPAGNIE DE ST-GOBAIN ORD SHS |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 70.925 | 67.25 | 74.20 | - | 475,640 | 14:37:26 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Construction Machinery & Eq | 47.94B | 2.67B | - | N/A | 0 |
| Date | Subject | Author | Discuss |
|---|---|---|---|
| 02/9/2015 10:10 | IDMCOD RNS Number : 7761X Compagnie de Saint-Gobain 01 September 2015 September 1, 2015 The Swiss Federal Administrative Court definitely confirms the validity of the clause in Sika's by-laws ("opt-out") exempting Saint-Gobain from making a mandatory public takeover bid Saint-Gobain welcomes the final appeal ruling handed down by the Federal Administrative Court on 27 August, 2015, confirming the validity of the opt-out clause in Sika's by-laws and expressing no reservations about its application to Saint-Gobain's acquisition of all shares of Schenker--Winkler Holding (SWH). This is the fifth decision by a competent authority confirming this validity, following the decisions handed down by the Swiss Takeover Board (TOB) and FINMA earlier this year. Once again, another key argument put forward by Sika's Board of Directors has collapsed. In mid-July, FINMA had already confirmed that Saint-Gobain and the Burkard family did not form a group, as falsely claimed by Sika in order to reduce SWH's voting rights. Similarly, at the end of July, the European Commission unconditionally authorized Saint-Gobain's acquisition of control over Sika. After conducting an investigation and extensive market tests to assess whether and in which areas Saint-Gobain and Sika currently compete, it concluded that both groups' activities are complementary and that they are not close competitors, including in the area of mortars, as claimed by Sika's board to fight against the transaction. Regarding the state of competition between Sika and Saint-Gobain for mortars, the Commission indeed took note of what market participants confirmed: "Even though Weber also produces some specialist mortars, they are not perceived by customers as substitutes for Sika's mortars" (item 41, page 9 of the Commission's Decision). The European Commission, an independent and impartial authority, therefore concludes: "Sika and Saint-Gobain do not generally seem to be close competitors as their offerings are rather complementary in terms of quality and brand perception" (item 42, page 10 of the Commission decision). All these elements further strengthen Saint-Gobain's determination to succeed in carrying out an industrial project that would allow Sika and Saint-Gobain to increase their sales and profitability, thereby creating value for all their shareholders and other stakeholders involved. Underscoring this determination, Saint-Gobain and the Burkard family decided in April 2015, to extend the agreement's validity to June 30, 2016. On this date, Saint-Gobain will have the possibility of extending it for an additional period. ABOUT SAINT-GOBAIN In 2015, Saint-Gobain is celebrating its 350(th) anniversary, 350 reasons to believe in the future. 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 2014 sales of EUR41 billion, Saint-Gobain operates in 66 countries and has over 180,000 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. Analyst/Investor Relations Media Relations +33 1 47 62 32 52 +33 1 47 62 44 +33 1 47 62 Gaetano Terrasini 29 30 48 Vivien Dardel +33 1 47 62 30 Sophie Chevallon +33 1 47 62 Marine Huet 93 Susanne Trabitzsch 43 25 -------------------- This information is provided by RNS The company news service from the London Stock Exchange END ACQLBMLTMBTMBTA Subscribe to WSJ: (END) Dow Jones Newswires September 02, 2015 02:15 ET (06:15 GMT) | sarkasm | |
| 24/6/2015 18:53 | Source : Dow Jones News Stock : Saint Gobain (SGO) Quote : 42.79 -0.455 (-1.05%) @ 17:37 Saint Gobain share price Chart Trades Level2 Sika Boosted in Battle to Fend Off Saint-Gobain Takeover Bid--Update Alert Saint Gobain (EU:SGO) Intraday Stock Chart Today : Wednesday 24 June 2015 Click Here for more Saint Gobain Charts. (Adds futher comment, detail) By John Revill ZURICH--Sika AG (SIK.VX) has strengthened it ranks in its battle to fend off the $3 billion hostile takeover bid from France's Saint-Gobain SA (SGO.FR) after a big U.S. asset manager bought a stake in the Swiss chemicals maker. Memphis, Tenn.-based Southeastern Asset Management Inc. purchased a 3% holding in Baar-based Sika and said it "fully supports" the company's management and independent board of directors in their opposition to the takeover. Southeastern, which has 25 billion euros ($28.1 billion) in assets under management, describes itself as an "engaged investor." It plans to retain a long-term stake in Sika and could increase its stake according to prices and market conditions, said Josh Shores, a managing partner at Southeastern. "We will monitor the situation to see whether it will make sense to keep building our stake," said Mr. Shores. Sika has been embroiled in a heated takeover battle since December, when Paris-based Saint-Gobain announced an agreement to pay 2.75 billion Swiss francs ($2.95 billion) for Schenker-Winkler Holding AG, the investment vehicle controlled by Sika's founding family. The deal would have given the French construction materials company control of Sika because SWH holds 16% of the stock, but has 52% of the voting rights. The move sparked opposition when Saint-Gobain said the offer wouldn't be extended to the other shareholders in Sika, which makes chemicals used in the construction and automotive industries. Shareholders, including the Bill & Melinda Gates Foundation Trust, Fidelity Worldwide Investment and Columbia Threadneedle Investments, have all raised concerns. Sika's board has also opposed the takeover, saying it didn't make business sense and moved to limit the family's voting rights. This decision and others are being contested in court proceedings in Switzerland. Southeastern said the sale of the family's 16% stake to Saint-Gobain without an offer to other shareholders disadvantaged all Sika shareholders, employees and customers. The sale "should not proceed as currently structured," said Mr. Shores. "The only people who benefit from the offer, as it stands, is the founding family." He said the current arrangement wasn't good for Saint-Gobain either as it could only get a dividend from its investment in Sika. "We hope to drive a better outcome for all stakeholders, particularly minority shareholders," added Mr. Shores, who said Southeastern would now seek talks with Saint-Gobain to try to resolve the matter. A Sika spokesman welcomed the investment and Southeastern's backing of the company's board. "This is good news they are joining other longstanding investors," he said. A Saint-Gobain spokesman said the Southeastern purchase hadn't changed the situation and it still remained committed to taking control of Sika by buying SWH. "Southeastern has bought the shares on the open market from other shareholders, so it is another minority shareholder," said the spokesman. SWH welcomed Southeastern's involvement, saying it was a sign foreign investors were welcome at Sika and the investor seems to believe in a positive performance for Sika's share price. Write to John Revill at john.revill@wsj.com Subscribe to WSJ: | waldron | |
| 08/5/2015 09:52 | JEUDI 4 JUIN - 07h30 Taux de chômage au sens du BIT / T1 - 10h50 Adjudication d'OAT long terme ADJUOATLT - Neopost NPOS.PA / CA du T1 (après Bourse) Assemblées généra - Saint-Gobain SGOB.PA - Bolloré BOLL.PA - Havas HAVA.PA - Vranken Pommery VRKP.PA | waldron | |
| 06/5/2015 19:01 | TIDMCOD RNS Number : 4047M Compagnie de Saint-Gobain 06 May 2015 Paris, May 6, 2015 Saint-Gobain acquires ZenPure, a specialist in filtration products Saint-Gobain has acquired ZenPure, a company specializing in the development and manufacture of filtration products, mainly for the life sciences sector. Created in 2002, ZenPure designs custom filters manufactured in a state-of-the-art plant in Hangzhou, China. The products are marketed and sold across the globe and will bolster the range of fluid systems made by Saint-Gobain's Plastics business. This acquisition is fully in line with the Group's strategy of strengthening its positions in high-performance solutions on fast-growing markets. ABOUT SAINT-GOBAIN In 2015, Saint-Gobain is celebrating its 350(th) anniversary, 350 reasons to believe in the future. 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 2014 sales of EUR41 billion, Saint-Gobain operates in 64 countries and has over 180,000 employees. For more information about Saint-Gobain, visit www.saint-gobain.com Worldwide leader in performance plastics, Saint-Gobain Performance Plastics is headquartered at Aurora, Ohio (United States). The company has 5,700 employees in 18 different countries and offers a wide range of products such as films, foams, coated fabrics, bearings, seals and fluid systems. For more information, visit www.saint-gobain.com and www.plastics.saint-g Analyst/Investor Relations Media Relations -------------------- +33 1 47 62 32 52 +33 1 47 +33 1 47 Gaetano Terrasini 62 44 29 62 30 48 Vivien Dardel +33 1 47 Sophie Chevallon +33 1 47 Marine Huet 62 30 93 Susanne Trabitzsch 62 43 25 -------------------- This information is provided by RNS The company news service from the London Stock Exchange END ACQAFMATMBIMBAA Subscribe to WSJ: | waldron | |
| 28/4/2015 18:07 | By Noemie Bisserbe PARIS--Compagnie de Saint-Gobain SA's (SGO.FR) revenue slid 0.2% in the first-quarter, as strong-emerging market demand for building materials failed to offset sluggish growth in Western Europe. Saint-Gobain said Tuesday its sales fell to 9.86 billion euros ($10.72 billion) in the three months to March 31 from EUR9.87 billion in the year-earlier period. Discounting the effects of foreign-exchange fluctuations and mergers and acquisitions, sales fell 1.2%, the company said. Analysts polled by FactSet expected sales of EUR9.89 billion. Saint-Gobain said it still expected operating income this year to be higher than in 2014, excluding the effects of currency fluctuations. Write to Noemie Bisserbe at noemie.bisserbe@wsj. Subscribe to WSJ: | waldron | |
| 14/4/2015 17:34 | (CercleFinance.com) - Saint Gobain a franchi début avril la résistance des 42E de fin février... mais le plafonne déjà sous 43,1E. En cas d'enfoncement de la MM20 qui gravite vers 41,4E, le titre pourrait consolider jusqu'au contact de la MM100 qui gravite vers 38E. | waldron | |
| 14/4/2015 11:54 | TIDMCOD RNS Number : 1288K Compagnie de Saint-Gobain 14 April 2015 April 13, 2015 Saint-Gobain steps up presence in abrasives in Brazil Saint-Gobain has signed a joint venture agreement with British Indústria e Comércio Ltda., a manufacturer of non-woven abrasives in Brazil, resulting in the acquisition of 70 percent of this company's equity. Created in 1996, the company is located in Indaiatuba, 100 km from Sao Paulo. It manufactures and sells non-woven abrasives for industrial applications (surface conditioning materials), professional cleaning and consumer goods. In a market for non-woven products that has high growth potential in South America, this investment will enable Saint-Gobain to strengthen its lead position in the industry and construction segments. The Group will be able to expand its range of abrasive products and add new customers to its portfolio. ABOUT SAINT-GOBAIN In 2015, Saint-Gobain is celebrating its 350(th) anniversary, 350 reasons to believe in the future. 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 2014 sales of EUR41 billion, Saint-Gobain operates in 64 countries and has over 180,000 employees. For more information about Saint-Gobain, visit www.saint-gobain.com With approximately 10,600 employees, Saint-Gobain's Abrasives Activity has a powerful manufacturing network of 63 plants in 27 countries. Its portfolio of products (coated, bonded, superabrasives, organic grinding wheels, construction products) offers comprehensive solutions for every step of the grinding process. For more information, visit www.saint-gobain-abr Analyst/Investor Relations Media Relations +33 1 47 62 32 52 +33 1 47 62 Gaetano Terrasini +33 1 47 62 44 30 48 Vivien Dardel 29 +33 1 47 62 Sophie Chevallon +33 1 47 62 Marine Huet 30 93 Susanne Trabitzsch 43 25 -------------------- This information is provided by RNS The company news service from the London Stock Exchange END ACQIIMRTMBJBMLA Subscribe to WSJ: | waldron | |
| 23/3/2015 18:00 | ZURICH--A Swiss court affirmed a restriction on the voting rights of a large shareholder in Sika AG on Monday, handing the industrial adhesives maker a victory in its efforts to fend off a hostile takeover by Saint-Gobain SA. In a summary decision, the Cantonal Court in Zug upheld a decision by Sika's board to cap the voting rights of the founding Burkard family at 5%, well below the stake's original weight of more than half the voting rights, Sika said. The family previously was exempted from a company rule that limited all shareholders' voting rights to 5%. The Burkard family, which is trying to sell its stake to Saint-Gobain for 2.75 billion francs ($2.82 billion), own about 16% of Sika's shares. Saint-Gobain is willing to pay a premium of roughly 80% because the shares hold 52.9% of the company's votes. The French construction materials giant isn't extending its offer to other Sika shareholders. The court's decision creates a new obstacle for Saint-Gobain and the family, which have been opposed by Sika's board and management. In January, the board restricted the family's voting rights, which had been granted because of the family's pledge to protect the company from takeovers, because it wanted to sell to Saint-Gobain. Schenker-Winkler AG, the family's holding company, said in a statement that the decision didn't affect the validity of its agreement with Saint-Gobain. Schenker-Winkler also said that it can apply for another legal decision to restore its voting rights or ask the court to overturn decisions made at the Sika annual meeting. Sika's annual general meeting is scheduled for April 14. Sika said that it welcomed the court's decision and would analyze it in detail. A spokesman for Saint-Gobain said that the company was sticking to the timetable of its takeover of Sika and expects to complete the transaction in the second half of 2015. Shares of Sika jumped 10% in value immediately after the announcement. In early afternoon, the stock was up nearly 6.2% at 3764 Swiss francs. Sika management has rebuffed efforts by Saint-Gobain to smooth relations, arguing that the deal doesn't treat all shareholders fairly. Sika has also said that it would get lost inside a conglomerate as big as the French giant. Write to John Revill at john.revill@wsj.com Access Investor Kit for Sika AG Visit hxxp://www.companysp Subscribe to WSJ: | waldron | |
| 06/3/2015 16:02 | ZURICH-- Sika AG suffered a setback in its battle to prevent a takeover by France's Saint-Gobain SA as the body governing acquisitions in Switzerland ruled in favor of the founding family's plan to sell its interest. The Swiss Takeover Board said Friday that it upheld a so-called opting-out clause that gives the Burkard family more than half of the company's voting rights without triggering a mandatory offer for the rest of Sika's shares. The decision makes it more likely that the clause will be upheld if Saint-Gobain is successful in its attempt to seize control of Sika. The Burkard family is trying to sell its stake to Saint-Gobain, giving the building materials giant control of Baar-based Sika. The Burkard's stake, which is held by Schenker-Winkler Holding AG, represents around 53% of the company's voting rights but only about 16% of its share capital. The 2.75 billion Swiss franc ($2.82 billion) deal between the family and Saint-Gobain has angered other shareholders because the French company hasn't offered to buy the rest of the company. The board and management of Sika, which makes chemicals additives for concrete and cement as well as adhesives for the automotive industry, has also opposed the planned takeover. A court in Sika's home canton of Zug is currently deliberating on the takeover. Write to John Revill at john.revill@wsj.com Access Investor Kit for Sika AG Visit hxxp://www.companysp Subscribe to WSJ: | waldron | |
| 25/2/2015 18:38 | PARIS--French construction materials group Compagnie de Saint-Gobain SA (SGO.FR) on Wednesday said net profit jumped in 2014 thanks to profits made on the sale of assets. The company said net profit rose to 953 million euros ($1.08 billion) from EUR595 million a year earlier, chiefly buoyed by the sale of bottle and jar maker Verallia North America. Revenue declined slightly to EUR41.05 billion, down from EUR41.76 billion a year ago as the company faced a weak construction sector in its home market. A group of analysts polled by FactSet expected an average net profit of EUR1.19 billion out of sales of EUR41.1 billion. "2014 confirmed the improvement in the Group's results despite a challenging macroeconomic climate in France and uncertainty in Germany," chief executive Pierre-Andre de Chalendar said in a statement. Operating profit rose to EUR2.8 billion in 2014 from EUR2.75 billion in 2013. Like construction companies and other suppliers to the industry, Saint-Gobain is still struggling to recover from the hit it took following the sovereign debt crisis in Europe which led to housing slumps in many countries and cuts in government spending in public works in many others. Still, the company expects to improve its operating profit this year on a like-for-like basis. -Write to William Horobin and Inti Landauro at william.horobin@wsj. Subscribe to WSJ: | waldron | |
| 22/2/2015 09:00 | Burkard Family Won’t Reverse Sika Deal on Investors’ Opposition by Jan-Henrik Foerster 8:00 AM CET February 22, 2015 (Bloomberg) -- Sika AG’s founding family said it won’t reverse a 2.75 billion-franc ($2.9 billion) deal to sell its stake in the Swiss adhesives maker, even as the agreement faces resistance from management and investors. The Burkard family has signed binding treaties with Cie. de Saint-Gobain SA and the deal is irreversible, Urs Burkard, who represents the family and is a member of Sika’s board of directors, said by e-mail. “Both sides are totally determined.'' The sale of the controlling interest has descended into a legal battle as Sika’s board, supported by investors including the Bill & Melinda Gates Foundation and Fidelity Worldwide, say a combination with the French company defies commercial sense. A deal would also allow the family to cash out of its investment before the need to transfer the stake to a generation of 11 offspring. The family says the relationship with the company had already deteriorated before the deal was signed. “Sika’s appreciation of the family got lost in recent years,” Burkard said. “Management and board increasingly tried to diminish the influence of the family. We want to organize the succession in time, handing over the company into new and safe hands.” Sika officials didn’t immediately respond to a phone call and e-mail seeking comment outside of regular office hours. Legal Battle While the Burkards own only 16 percent of Sika’s shares, they have 52 percent of voting rights because of the class of stock and an opt-out clause they hold. That means Saint Gobain doesn’t need to make an offer for all of the adhesives company, but Sika’s management board is seeking to overturn the opt-out. “Investors knew or should have known about our right to sell the stake,” Burkard said. Investors confirmed the bylaws with the opt-out at the 2014 annual general meeting, said the executive, who’s also vice chairman of the family’s Schenker Winkler Holding AG investment vehicle. The family is seeking an order by the cantonal court of Zug to call a shareholder meeting where it plans to oust board members opposing the sale. Sika says the Burkards’ voting rights should be curbed because they form a group with Saint Gobain. “The chances are high that the family will be able to use all of its voting rights at the next shareholder meeting,” Burkard said. Restricting voting rights could lead to Sika becoming a target for a takeover by another company, he said. Burkard said he expects a first response from the court in March. To contact the reporter on this story: Jan-Henrik Förster in Zurich at jforster20@bloomberg To contact the editors responsible for this story: Simon Thiel at sthiel1@bloomberg.ne | waldron | |
| 20/2/2015 15:55 | By John Revill ZURICH---Senior managers at Sika AG rejected on Friday an offer to meet with the chief executive of Saint-Gobain SA, throwing up another obstacle in the French company's attempt to seize control of the Swiss chemical maker. In a two-page letter, the group of 120 managers refuted Saint-Gobain's claim that its 2.75 billion Swiss franc ($2.98 billion) takeover is friendly, saying it didn't treat shareholders fairly and could trigger an exodus of talent from the company. "All stakeholders have raised concerns about the future of our company," said the letter, which was addressed to Saint-Gobain CEO Pierre-André de Chalendar. "Such a planned transaction must be clearly described as a hostile takeover," it read. The letter, which was seen by The Wall Street Journal, represents the latest ratcheting of tension in the 10-week-old battle for Sika, whose founding Burkard family is trying to sell a holding company that controls its stake in the Baar-based chemical maker to Saint-Gobain. Sika managers and board members have said they weren't consulted on the deal before it was announced. Sika's board has opposed the deal, and last month restricted the family's voting rights to 5%--in line with rules governing other shareholders--becaus The family-owned holding company, Schenker-Winkler Holding AG, holds more than half of Sika's voting rights but less than a fifth of its shares. By purchasing the holding company, Saint-Gobain hopes to gain control of Sika without having to buy the whole company. The strategy has provoked questions over Switzerland's corporate governance standards since it came to light in December. Many Swiss companies have similar share structures that are dominated by founding families. Earlier this month, the Saint-Gobain CEO proposed a meeting to "correct some of the misunderstandings" that Sika's management voiced. A spokeswoman at Saint-Gobain didn't respond to a request for comment. Sika's managers indicated Saint-Gobain was far from coming to an agreement with the company. "If you are not able to convince them that the planned takeover will be in the best interest of all involved, many of them will leave," reads the letter. "Currently you are far from the point of convincing them." The managers also said the deal would have "very limited" advantages for Sika and could muzzle competition between the two companies in the 50 countries where they vie with each other. So far investors representing more than 45% of Sika's share capital have backed the board's stance. Shareholders including, Threadneedle Investments and Fidelity Worldwide Investment, have lined up against Saint-Gobain. Write to John Revill at john.revill@wsj.com Access Investor Kit for Sika AG Visit hxxp://www.companysp | waldron | |
| 06/2/2015 21:02 | (Bloomberg) -- Cie. de Saint-Gobain SA, which is trying to purchase Swiss adhesives maker Sika AG, may gain as much as 400 million euros ($450 million) in a hedging profit even if the deal falls apart, according to analysts. The French company hedged its 2.75 billion-franc ($3 billion) offer from December in euros before the Swiss National Bank last month abandoned the cap on its currency. The ensuing strengthening of the franc increased the value of the hedge and Saint-Gobain could gain between 300 million euros and 400 million euros, depending on the tax rate, said Helvea Baader analyst Patrick Appenzeller. Zuercher Kantonalbank analyst Martin Huesler said that based on the exchange rate on Feb. 4, Saint-Gobain would gain as much as 400 million francs if the transaction doesn’t go through. Saint-Gobain is facing resistance from Sika’s management and minority investors to the planned purchase of a 16 percent stake with majority voting rights from the Swiss company’s founding family. They say that the transaction would hand the family an 80 percent premium for their stake and disrupt Sika’s business. The company confirmed on Jan. 15 that it hedged the deal in euros. It hasn’t disclosed the exact terms of the transaction. Saint-Gobain has no intention of walking away, having signed a binding accord and is still convinced the combination makes sense, said Andreas Bantel, a spokesperson for Saint Gobain. “Those estimates may be crowd-pleasing but have nothing to do with reality,” he said, responding to the analyst estimates. Sika’s management last month tried to block the majority-voting powers that the founding family is selling. Sika’s attempt to block the deal is illegal and the decision lies with the courts now, said Andreas Durisch, a spokesperson for the family’s holding company. To contact the reporter on this story: Jan-Henrik Förster in Zurich at jforster20@bloomberg To contact the editors responsible for this story: Simon Thiel at sthiel1@bloomberg.ne | waldron | |
| 03/2/2015 21:30 | Prochains événem Après Bourse | waldron | |
| 26/1/2015 19:54 | By John Revill ZURICH-- Sika AG said on Monday that it has curbed the voting power of its controlling family, delivering a blow to French buildings materials company Saint-Gobain SA, which is trying to take over the Swiss chemicals company. The move by Sika's board also makes it no longer possible for the Burkard family's investment company--Schenker-Wi The Burkard family agreed in December to a takeover offer for its holding company from Saint-Gobain, one of Europe's biggest building-materials groups by revenue. SWH currently has 52.4% of the voting rights in Sika but only 16.1% of the shares. The sale, which would give St Gobain control without having to make an offer for the remaining 83.9% owned by shareholders, has been fiercely opposed by Sika's board and executives, forcing the family to call an EGM to remove executives who object to the takeover. Sika's board said on Monday that the family should have its voting rights restricted in line with the company's rules which limit other shareholders to no more than 5% of the voting rights. Sika said that the Burkard family--descendants of the company's founder--had previously been exempt from the rule because of the family's close association with the company and its assertions that it would protect it against takeover bids. "Now that the Burkard family-SWH have formed a group with Saint-Gobain, this historical privilege must be considered lost, together with the right to convene extraordinary general meetings," Sika said. The decision of Sika's board, which was taken following legal advice, is now awaiting confirmation by the commercial court in the canton of Zug, though no date has been set for a decision. Saint-Gobain said it disagrees with the Sika board's claim. "Saint-Gobain is advised by its legal counsel that these actions are clearly against all corporate law and governance principles in Switzerland," the French company said. SWH described the move to restrict its voting rights as illegal and said in a statement it would use to "all necessary legal means to enforce its rights." Sika said shareholders representing more than 35% of its total capital have given their assurance that they support the board of directors in its efforts to fend off the takeover. Shareholders including the Bill & Melinda Gates Foundation, Threadneedle Investments and Fidelity Worldwide Investment have backed the board's opposition, the company said. Fidelity Worldwide Investment and Threadneedle Investment confirmed they backed Sika's management. A Threadneedle spokesman said: "This is an appropriate and prudent move by Sika's board and one that is clearly in the best interests of the company." The Bill & Melinda Gates Foundation couldn't be immediately reached for comment. Sika employs 16,000 people, supplies additives for concrete and cement as well as noise-damping products for the automotive sector. The company increased sales by 8.3% to 5.57 billion francs in 2014 and said it expected operating profit of more than 600 million francs. Saint-Gobain is targeting the Sika stake in an attempt to kick-start its own earnings growth. The company's chairman Paul Hälg said Saint-Gobain's hostile takeover was damaging to the entire company, and had unsettled management and the workforce. Sika's performance would be held back by Saint-Gobain while shareholders would be disadvantaged if the French company seized control, Mr. Hälg said. "This transaction model cannot work," he told The Wall Street Journal on the sidelines of the news conference. "We are both competitors; they will own only 16% of us, but they will control us, and for this reason automatically they will prefer their own business to ours," he said. "Growth opportunities will all be decided in their favor," he added. "Over time Sika will lose and Sika shareholders will lose." Write to John Revill at john.revill@wsj.com Inti Landauro in Paris contributed to this article. Write to John Revill at john.revill@wsj.com Access Investor Kit for Sika AG Visit hxxp://www.companysp | waldron |
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