Sika v Saint-Gobain

Context

In the late 2014, French industrial giant Saint-Gobain attempted a hostile takeover of Swiss construction material company Sika by acquiring the controlling stake held by the founding Burkard family. Though this stake represented just 16.97% of the issued share capital, it carried 52.92% of the voting rights – enough to force through a change in control without broader shareholder input. The move set off one of the most high-profile corporate disputes in Swiss history, lasting over three years and generating more than 14,000 media articles. At stake: the independence of one of Switzerland’s industrial champions – and the rights of its minority shareholders.

Objectives

Reframe the issue as a matter of fairness to minority shareholders and corporate independence – not just a private transaction.
Build a broad coalition of support, including institutional investors, employees, and the media.
Manage public perception throughout the legal battle to maintain confidence in Sika’s leadership and vision.
Limit reputational risk and prevent market destabilisation during the protracted dispute.

Our Role

Our agency was retained to support Sika’s litigation communications strategy, working closely with the Board of Directors and legal counsel. The aim was to safeguard the company’s reputation, reinforce confidence in its governance, mobilise key stakeholders, and shift the narrative from a hostile transaction to a fight for governance, fairness, and long-term value. The strategic aim was to support stakeholder alignment, maintain an open and fact-driven flow of information, and ensure that the broader public understood what was truly at stake: not just a share transfer, but the future of an independent and innovative Swiss company.

The Outcome

Deal Restructured

The original takeover structure was eventually abandoned. Saint-Gobain acquired the Burkard family’s shares under revised terms, while Sika retained its independent, governance integrity, and strategic direction.

Legal Victory and Governance Reform

Swiss courts upheld the protections for minority shareholders. Sika later reformed its share structure, abolishing voting caps and implementing a “one-share, one-vote” system – setting a new benchmark in corporate governance.

Reputational Strength Preserved

Sika emerged from the dispute not only intact, but stronger – both in terms of public perception and market confidence.