To read Bloomberg Opinion`s opinion on the agreement, click here However, the Burkard family tried to extend its agreement with Saint-Gobain and continued to nominate its own candidates to the Sika board of directors. Company of Saint-Gobain SA (SGO.FR) and Sika AG (SIK). EB) The creation of the Burkard family have reached an agreement to end their long-running dispute with Sika Management, according to statements from the two companies released Friday. The Compagnie de Saint-Gobain and Sika AG agreed on Friday on the end of their long-running dispute, ending the French company`s search for a controlling stake in the Swiss sika. The multi-stage agreement took two months to hammer, almost unravelled several times. In the end, Saint-Gobain`s payment to the Burkard family is 500 million francs above the price agreed in December 2014, the statement said. The French equipment manufacturer sold 6.97% of Sika for 2.08 billion francs and will retain a 10.75% stake for at least two years in order to reduce capital gains taxes. Paul Haelg, CEO of Sika, described the French company`s participation in a “financial participation” without a seat on the board of directors. The agreement described by FT would allow Saint-Gobain to make a profit while holding about 10% of Sika`s shares. Without an agreement, the case could still occupy the Swiss courts for years to come. Under the agreement, Saint-Gobain paid 3.22 billion francs ($3.21 billion) to the Burkard family, which owns a Sika stake in Schenker-Winkler Holding AG, which owns about 17 percent of Sika, but mostly voting rights. As part of the agreement, Saint-Gobain bought Schenker-Winkler Holding AG, the Burkard family holding company, for 3.22 billion francs ($3.21 billion) and then sold a 7% stake of Sika to Sika for 2.08 billion francs. Sika, the Burkard family and Saint-Gobain have signed agreements that end their litigation in the common interest of all parties involved and their respective shareholders and stakeholders.
It was agreed that Saint-Gobain acquired the stake in May 2018 as part of an agreement with Sika and the Burkard family with a two-year ban. A ceasefire was established in 2018, when Saint-Gobain, schenker-Winkler Holding and Sika reached an agreement that gave Saint-Gobain 10.75% of Sika`s shares, but not control. ▪ Compagnie de Saint-Gobain (Saint-Gobain) acquired Schenker-Winkler Holding AG (SWH) from the Burkard family▪ Saint-Gobain/SWH 6.97% of Sika AG`s (Sika) shares in Sika for a total of CHF 2.08 billion▪ Saint-Gobain retains a 10.75% stake in Sika via SWH for at least two years▪ Sika calls on the shareholders` meeting to introduce a single class of shares, cancellation of the opt-out, and the removal of 5% of deferral restrictions and the removal of the 6.97% acquired by SWH The parties ▪ SWH are terminating all legal proceedings▪ Sika and Saint-Gobain intend to: extend their existing business relationship, Saint-Gobain said that they will retain Schenker-Winkler`s remaining 10.8% interest in Sika for at least two years , while Sika has preferential purchase rights in the event that Saint-Gobain decides to sell the stake.