Saint-Gobain to take over Sika

French building materials supplier 6013 Saint-Gobain is to acquire Swiss building materials and construction chemicals producer Sika. The French company is to take over Sika for €2.29 billion (CHF 2.75 billion), and is to have a 16.1% share capital and 52.4% voting right at the firm. Sika’s management as well as part of the company’s board of directors are reportedly threatening to step down once the transaction has been completed. Pierre-André de Chalendar, the head of Saint-Gobain, is said to have been surprised to learn of the threats. De Chalendar has told European business media that the Burkard family, who founded the company, had wanted Saint-Gobain to buy the company. Saint-Gobain calculates annual synergies of €83.18 million (CHF 100 million) in 2017, and annual synergies of €149.73 million (CHF 180 million) in 2019. The Saint-Gobain-Skia deal has to be approved by the relevant competition authorities.