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Saint-Gobain Completes Sale Of Sika Stake For CHF 2.56 Bln - Quick Facts

French building materials company Saint-Gobain (CODGF.PK) announced Wednesday the successful completion of the sale by its subsidiary Schenker-Winkler Holding AG of approximately 15.2 million Sika shares, representing its full stake of 10.75% of Sika's share capital, for a total of CHF 2.56 billion, equivalent to around 2.41 billion euros, compared to a purchase price of 933 million euros in May 2018.

The shares were placed via a private placement to qualified institutional investors by way of an accelerated book-building process. As a result of this disposal, Saint-Gobain has generated gross gains of 1.54 billion euros since May 20181.

The disposal of the stake in Sika enables Saint-Gobain to strengthen its balance sheet. Saint-Gobain acquired its 10.75% stake in Sika as part of a global agreement with Sika and the Burkard family in May 2018. The Sika shares were held as an equity investment and Saint-Gobain has chosen to recognize any change in the fair value of the Sika shares directly in equity.

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