Saint Gobain renounces to acquire Sika but buys 10% stake

Saint-Gobain and Sika have announced today a complex agreement through which Saint Gobain has renounced to acquire the Switzerland-based competitor. As part of the agreement, Saint Gobain will purchase €3.22bn in shares currently owned by the Burkhard family and will sell part of them to Sika for €2.08bn, increasing Saint Gobain’s stake in Sika to 10.75%  Under the agreement, SG’s stake will remain frozen for at least two years, then the company will be entitled to increase it to 12.875%. Saint Gobain’s shares have increased more than 2% as trading opened (Paris).

(Source: Saint Gobain)