Today’s business ownership landscape is increasingly complicated by financial, voting, contractual and capital arrangements. A direct relationship between ownership and control can no longer be assumed, particularly for strategically important companies.
Sika, a Swiss chemicals company, entered a four-year corporate battle in 2014, when building-material firm Saint-Gobain announced it would buy a controlling majority. Although the Burkard family owned 16% of shares, a dual-class structure granted them over 52% of voting rights. Sika showed why economic ownership does not necessarily equal voting power.
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