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Case Study

The Sika takeover battle

By Peter Vogel and Anouk Lavoie

4 pages

April 2021

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Reference: IMD-7-2227

The longest corporate takeover battle in the history of Switzerland – and possibly the world – pitted Sika, a Swiss chemicals manufacturer, against Saint-Gobain, a French conglomerate. At the heart of the dispute was a family business. Sika was a very successful family-controlled firm whose fourth-generation descendants decided to sell their stake in the company. The sale created a quandary for Sika’s board of directors, however. How could the board reconcile the wishes of the family owners with the interests of the other shareholders and the company itself? The case highlights the governance dilemma faced by Paul Hälg, the Chairman of Sika’s board of directors, and discloses how all parties came to an agreement after a protracted legal dispute lasting 41 months.

Learning Objective

Highlight the importance of a strong board of directors including independent board members, especially in a conflicting situation
Understand how to navigate turbulent times in a family business and develop the leadership traits needed to negotiate a fair solution
Establish governance principles that protect and uphold the rights of all company stakeholders in an ownership transition phase

Keywords

Family Business, Governance, Board, Takeover, Conflict, Acquisition

Settings

Europe, Switzerland
Sika, Manufacturing, Chemicals
2014 – 2020

Type

Field Research

Available Languages

English

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Case reference: IMD-2749 ©2026

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Organization Association Familiale Mulliez

Available Languages English