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Ethos threatens Sika takeover legal action

A Swiss investment fund, known for taking companies to task over inflated executive bonuses, has launched a challenge against a decision by the family owners of chemicals firm Sika to sell their stake to a French conglomerate. Ethos Foundation, along with 11 pension and investment funds, have demanded that the firm removes an opt-out clause from its statutes that would allow Saint-Gobain to buy the Burkard family stake without having to extend the same offer to other shareholders. “This is very detrimental to minority shareholders and endangers one of the flagships of Swiss industry despite the company currently being well positioned in its market with very good growth perspectives,” the Ethos-led protest group said in a statement. The sale has sparked controversy because the 16% Burkard stake comes with 52% of voting rights thanks to the nature of the shares the family owns. If the deal goes ahead as planned, the French group would gain strategic control of the ... Show more

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