Saint-Gobain extends option to buy Sika stake from family
The logo of the materials company Saint-Gobain is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. REUTERS/Jacky Naegelen
ZURICH French group Saint-Gobain (SGOB.PA) has extended until the end of this year its contract to buy a controlling stake in Swiss construction chemicals maker Sika (SIK.S) from Sika's founding family and may prolong it again until the end of 2018, it said.
"This further extension of the sale agreement once again reflects the alignment between the Burkard family and Saint-Gobain and their unwavering determination," it said in a statement on Thursday.
The family is at odds with Sika management over the agreement by Saint-Gobain to pay 2.75 billion Swiss francs ($2.74 billion) for the 16 percent stake that comes with nearly 53 percent of the voting rights. Management has blocked the deal by restricting the family's voting rights to 5 percent, prompting a legal battle that is still playing out.
(Reporting by Joshua Franklin, Editing by Michael Shields)