Baar, Switzerland, April 11 Sika's board
has limited its founding family's voting rights to 5 percent on
appointments to the board and the chairman, Chairman Paul Haelg
said on Tuesday, a move meant to block Saint-Gobain's
hostile takeover attempt.
Saint-Gobain has sought to take control of Sika by buying
the Burkard family's investment vehicle, which has 16 percent of
the shares in the construction chemical maker but nearly 53
percent of voting rights.
Sika, which holds its annual general meeting on Tuesday,
opposes the deal, saying it would damage its business because a
competitor would control its operations with a minority of
"It is clear beyond doubt that Sika does not need
Saint-Gobain in order to achieve its strategic targets for
2020," Haelg also told shareholders.
(Reporting by John Revill)