J Stern & Co. welcomes resolution of Sika dispute
Christopher Rossbach, Chief Investment Officer at J Stern & Co. said:
Stern & Co. is a long-term shareholder of Sika. We welcome the announcement of the resolution of the long-standing dispute between Sika, the Burkard family and St. Gobain. We believe that the transaction is in the interest of Sika, its employees and its shareholders, and intend to support it at the extraordinary general meeting on June 11.
Sika is a global leader in material technology. We have invested in Sika for more than a decade and we have always believed that Sika is best positioned to innovate, invest and grow, and to create value for shareholders as an independent company.
We congratulate the independent members of the board and the management of Sika for their determination to maintain Sika’s independence throughout this long process. Their determined actions have set a strong example for corporate governance in Switzerland. In particular we support the improvement in corporate governance through the introduction of one share one vote and the elimination of the opt out clause. This will bring Sika’s corporate governance in line with best practice and will help to ensure its ability to continue to generate value as an independent company
We also acknowledge the efforts of Cascade/The Bill and Melinda Gates Foundation Trust, and of Threadneedle, to support the independent members of the board and the management of Sika. Their commitment to Sika is an example of the responsible stewardship of assets by long-term investors in the interests of companies, their employees and their shareholders.
Sika has strong competitive positions, innovative technologies and significant prospects for growth and value creation. We are confident that it will prosper as an independent company for years to come.