A wealthy Swiss family caught up in a more than two-year takeover battle over its firm has reinforced its commitment to a French buyer. Whether the family's wish to sell will happen is being decided in court.
Switzerland's wealthy Burkard family wants to sell its stake in construction materials firm Sika to France's Saint-Gobain, a rival. But the 2.75 billion Swiss francs trade sale quickly morphed into a billion-dollar takeover battle after Sika's management and board marshaled opposition from minority shareholders to the move.
The battle highlights the pitfalls for wealthy families managing a family firm such as Sika, as finews.com has reported previously.
On Thursday, the Burkard family said it would still try and sell to Saint-Gobain, despite more than two years of vociferous opposition from Sika's board, which includes Julius Baer Chairman Daniel Sauter.
«Unwavering Determination»
The Burkard family said it is extending the terms of a deal agreement struck with Saint-Gobain in 2014 until the end of this year, with an option to extend until next year.
«This further extension of the sale agreement once again reflects the alignment between the Burkard family and Saint-Gobain and their unwavering determination,» the Burkard family said in a statement.
While the family and Saint-Gobain may be determined, they have until now been fended off by Sika itself. Another hearing on whether Sika can restrict the Burkards' voting majority stake is set for later this year.
