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May 5, 2015
By: Catherine Diamon
FINMA has issued a decision rejecting the appeal lodged by the shareholder group of William H. Gates III and Melinda French Gates as trustees of Bill & Melinda Gates Foundation Trust as well Cascade Investment. With this decision, FINMA has confirmed the decision of the Swiss Takeover Board pursuant to which the opting-out clause according to art. 5 of the articles of association of Sika AG applies to the proposed acquisition of Schenker-Winkler Holding AG by Saint-Gobain and, therefore, Saint-Gobain is not obliged to submit a public tender offer to all shareholders of Sika AG.
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