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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