Sika: SWH asks Zug court to convene EGM
Schenker-Winkler Holding (SWH), the investment vehicle for the Burkard-Schenker family, asked the cantonal court of Zug to convene an Extraordinary General Meeting for Sika, the listed Switzerland-based specialty chemicals company, French daily L’Agefi reported. The report said that SWH, which owns 16.1% of Sika representing 52.4% of the voting rights in the company, made the announcement yesterday Monday. Under Swiss regulations, the court has 60 days to rule on the matter, the report added.
SWH will ask during the EGM to revoke three board members that are opposing the CHF 2.75bn (USD 2.78bn) sale of SWH’s stake to France’s Saint Gobain, as well as electing Max Roesle as board chairman. Roesle is set to become the chairman of Sika once the acquisition by Saint Gobain is finalised, the report noted.
Sika AG announced on 10 December 2014 that it received from Schenker Winkler Holding AG the request to convene an EGM. According to the report, the company however claimed that the request came too late ahead of the 11 December board meeting held last and that it would therefore be examined during the next meeting scheduled in the second half of January. The delay for convening an EGM is about three weeks, meaning that an EGM could take place by February at the earliest, the report claimed.
L'agefi