In November 2021, Sika signed a definitive agreement to acquire MBCC Group (former BASF Construction Chemicals). The completion of the transaction is subject to regulatory approvals, and the UK Competition and Markets Authority (CMA) has decided to conduct an in-depth examination (Phase 2) regarding the acquisition. Because of the additional time required to conduct this in-depth examination, the closing of the transaction is now targeted for the first half of 2023 instead of at the end of 2022 as previously announced.
Thomas Hasler, chief executive officer, said: “Sika has already received unconditional regulatory approval across a number of jurisdictions, including Japan, China, Brazil, South Africa, Saudi Arabia, Turkey, and Thailand. For a transaction of this magnitude a detailed analysis is not unusual. The adapted timeline for the closing does not impact the strategic attractiveness of the transaction. It remains highly accretive, and our expectation that it will generate annual synergies of CHF 160-180 million is unchanged.”
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