Sika approaches FINMA regarding disclosure duty breach

BAAR, SWITZERLAND: Specialty chemicals company Sika AG said it submitted a notice to FINMA of a possible breach of disclosure duty by the Burkard heirs and Saint-Gobain. The law obliges Sika to file such a notice with FINMA if the company has reasons to believe that a shareholder has not complied with its disclosure duty (article 20 par 4 Stock Exchange Act).

Burkard heirs and Saint-Gobain disclosed that they had dissolved their group, prior to Sika shareholders annual general meeting on 7 April, 2015. This was reasoned by the sale of the privately owned Sika shares held by the Burkard family to Schenker-Winkler Holding AG.

However, Sika takes the view that the group among the Burkard heirs, Saint-Gobain and Schenker-Winkler Holding AG, as it was first disclosed by them on 11 Dec, 2014, continues to exist unchanged. The original purpose-namely “ensuring the orderly transfer of control” of Sika to Saint-Gobain, still exists, as the new contract seen by Sika and the numerous actions of the contract parties since 5 Dec, 2014 confirm.

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