Sika shareholder Threadneedle speaks out against takeover by Saint-Gobain
Sika shareholder Threadneedle, the UK investor, is confident the takeover of Sika by Saint-Gobain will not happen, Basler Zeitung reported.
Threadneedle Manager Iain Richards said Saint-Gobain needs Sika but Sika does not need Saint-Gobain, and he is confident the deal will not be completed. The report said the deal would be a disaster for Threadneedle which has been a Sika shareholder for around 20 years. Threadneedle holds 1.7% and is part of a shareholder group which holds a total of 8.6%.
Synergies resulting from the deal are not equal for both sides and the savings of EUR 70m for Sika are an overestimate, the report stated, citing Richards.
Basler Zeitung