- The Swiss Federal Administrative Court has confirmed the validity of the clause in Sika's by-laws ('opt-out') exempting Saint-Gobain from making a mandatory public takeover bid Saint-Gobain said it welcomed the final appeal ruling handed down by the Federal Administrative Court on 27 August, confirming the validity of the opt-out clause in Sika's by-laws and expressing no reservations about its application to Saint-Gobain's acquisition of all shares of Schenker‑Winkler Holding (SWH).

This is the fifth decision by a competent authority confirming this validity, following the decisions handed down by the Swiss Takeover Board (TOB) and FINMA earlier this year. Saint-Gobain says that once again, another key argument put forward by Sika's board of directors has collapsed. In mid-July, FINMA had already confirmed that Saint-Gobain and the Burkard family did not form a group, as falsely claimed by Sika in order to reduce SWH's voting rights. Similarly, at the end of July, the European Commission unconditionally authorised Saint-Gobain's acquisition of control over Sika. After conducting an investigation and extensive market tests to assess whether and in which areas Saint-Gobain and Sika currently compete, it concluded that both groups' activities are complementary and that they are not close competitors, including in the area of mortars, as claimed by Sika's board to fight against the transaction.

At 9:32am: [LON:COD] Compagnie De Stgobain share price was -0.16p at 39.56p

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