Sika suitor Saint-Gobain offers job guarantee, claims synergies of EUR 180m
Saint-Gobain [EPA: SGO], the French chemicals group, has guaranteed it will not cut jobs at takeover target Sika [VTX: SIK] for the first two years, Handelszeitung reported.
Saint-Gobain Chief Financial Officer Guillaume Texier told the Swiss weekly he has given a guarantee securing jobs for the first two years and is aiming to create more jobs through growth.
In response to Sika board's claims that the deal would not create value, Texier said there are more than 100 synergies with a potential of EUR 180m, specifically as the companies are strong in different regions, as well as in sales channels and products.
Texier said he does not intend to replace Sika managers with Saint-Gobain managers should the deal be completed.
Asked if he is in contact with Sika, Texier said he is open to talks but said he is unable to confirm that talks are on as any talks would be conducted confidentially.
Handelszeitung