Top tier management teams from French construction materials giant Saint-Gobain and rival Sika AG met in Zurich on 16 January to discuss a hostile takeover bid lodged by Saint-Gobain for the Swiss industrial group the previous month. The meeting was dubbed crisis talks following the announcement that Sika's board would resign if Saint Gobain's move to buy 16% of the Burkard family's shares in Sika, whose stock attracts a 52% controlling share of voting rights, went through. According to the Financial Times, Sika's board retained the services of Perella Weinberg Partners in January to block the Swiss franc 2.75bn deal, after Saint Gobain's offer was accepted by the Burkard family on 8 December 2014. Saint-Gobain confirmed that it had hedged the purchase price for the deal against exchange rate fluctuations, following the cancellation of a cap on the value of the Swiss franc. The deal would value the Burkhard family's stake at a 78% premium to Sika's share price as of 5 December 2014, but has been met with fierce opposition from the Sika board because, under Sika's corporate rules, it would enable Saint Gobain to gain control of the business without having to acquire the rest of the Swiss comapny's shares.
