Oct 13 More than 140 country chiefs and department heads at Swiss construction chemicals group Sika have written to Saint-Gobain Chairman and Chief Executive Pierre-Andre de Chalendar to oppose the French group's takeover plans.
Although the intervention is not likely to be decisive in a takeover saga that has landed in the courts, it underlines the hostility to the deal in the Swiss company.
"We urge you once more to reconsider your plans, which in our opinion pose great risk for both sides," the letter obtained by Reuters on Tuesday said.
A Saint-Gobain spokesman dismissed the letter.
"The Sika board of directors sees that its legal arguments are falling away brick by brick," he said, adding the French group remained open for talks.
Saint-Gobain last year agreed to buy a 16.1 percent stake from the Burkard-Schenker family that carries 52.4 percent of Sika's voting rights -- enough for control and, at 2.75 billion Swiss francs ($2.87 billion), far cheaper than buying the whole company.
The letter asked Saint-Gobain to open talks on alternatives to the plan, which is also opposed by minority shareholders including Microsoft founder Bill Gates's foundation.
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The dispute is likely to be decided in court only next year, legal experts say