The Burkard family claim victory over sale described by some as bad corporate governance.
The family controlling Sika has claimed a legal victory over the Bill and Melinda Gates Foundation and Cascade Investment, which challenged plans to sell the Swiss chemicals company to France’s Saint-Gobain.
According to the Financial Times, the Swiss federal administrative court confirmed that Saint-Gobain was entitled to buy the stake owned by the Burkard family without making an offer to public shareholders. The so-called “opting out” clause has been vigorously opposed by the Gates foundation trust and Cascade, which are Sika shareholders.
The Burkard family are relatives of Kaspar Winkler, who founded Sika in 1910.
For thoughtful journalism, expert insights on corporate governance and an extensive library of reports, guides and tools to help boards and directors navigate the complexities of their roles, subscribe to Board Agenda