The Sika takeover battle
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.
- 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
Sika, Manufacturing, Chemicals
2014 – 2020
Cranfield University
Wharley End Beds MK43 0JR, UK
Tel +44 (0)1234 750903
Email [email protected]
Harvard Business School Publishing
60 Harvard Way, Boston MA 02163, USA
Tel (800) 545-7685 Tel (617)-783-7600
Fax (617) 783-7666
Email [email protected]
NUCB Business School
1-3-1 Nishiki Naka
Nagoya Aichi, Japan 460-0003
Tel +81 52 20 38 111
Email [email protected]
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in Long Range Planning October 2023, vol 56, no. 5, 102373, https://doi.org/10.1016/j.lrp.2023.102373
in Journal of Management Studies 21 August 2023, ePub before print, https://doi.org/10.1111/joms.12994
in Journal of Management Studies 13 August 2023, ePub before print, https://doi.org/10.1111/joms.12990
Case reference: IMD-7-2390 ©2023
in Journal of World Business August 2023, vol. 58, no. 5, 101462, https://doi.org/10.1016/j.jwb.2023.101462
in Journal of Management Studies 12 July 2023, ePub before print, https://doi.org/10.1111/joms.12970
in Brigham, Keith H. (Ed.); Love, Tom (Ed.); Payne, G. Tyge (Ed.) / Field guide to family business research, pp. 62-79 / Cheltenham: Edward Elgar Publishing, 2023
in Trusts and Trustees July 2023, vol. 29, no. 6, pp. 458–468, https://doi.org/10.1093/tandt/ttad037
in Entrepreneurship Theory and Practice July 2023, vol. 47, no. 4, pp. 1233–1264, https://doi.org/10.1177/10422587221142230