Sika Shareholders Agree to Capital Structure Changes
11 Juin 2018 - 06:46PM
Dow Jones News
By Nathan Allen
Shareholders in Sika AG (SIK.EB) on Monday voted in favor of
altering the Swiss chemical manufacturer's capital structure,
following the resolution of a long-running dispute with Compagnie
de Saint-Gobain SA (SGO.FR) and the company's founding Burkard
family.
At an extraordinary general meeting, Sika said shareholders
voted in favor of canceling out a nearly 7% stake in the company
that it recently bought back from the Burkard family's holding
company.
The capital reduction will help offset the dilutive effects of
buying back the stake from Saint-Gobain, Sika's Chairman Paul Haelg
said.
Shareholders also agreed to the creation of a new class of
unitary registered shares with standardized voting rights, which
will prevent minority shareholders from wielding outsize control
over the company's operations, Sika said.
The Burkard family previously held a majority of voting rights
and prevented Sika from pursuing large deals, despite only holding
a minority stake in the company.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
June 11, 2018 12:31 ET (16:31 GMT)
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