The French group would record revenue of 2.57 billion francs for the 10.75% share it has held since 2018. Sika has renounced its preferential purchasing right.
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The French group Saint-Gobain wants to sell its Sika share package. In total, 15.2 million shares or 10.75% held by the French will be sold. The price will be between 168 and 170 francs per share, on average about 5% lower than the closing price of the Sika share on Tuesday (177.85 francs). At 169 francs, Saint-Gobain would record revenue of 2.42 billion euros (2.57 billion francs).
A few years ago, Saint-Gobain’s attempt to appropriate Sika had sparked a long battle. The French group had secured a package of actions via the founding family of Sika. In May 2018, the two groups buried the hatchet. Since then, Saint-Gobain has held 10.75% of the Sika shares.
The agreement concluded in 2018 provided that, for a period of at least two years, Saint-Gobain would not sell its stake. This agreement expired about two weeks ago.
According to the Saint-Gobain press release, the sale process will be conducted on Wednesday May 27 and the finalization is scheduled for May 29. Sika has waived its preferential purchase right for the share package, the French company said. Contacted by AWP, Sika declined to comment on the transaction.
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