In response to a request, the Swiss Takeover Board (TOB) concluded in decision 598/01 of 1 April 2015 that the opting out clause set out in Article 5 of Sika AG's articles of association does apply to the transaction between Schenker-Winkler Holding AG (SWH) and Compagnie de Saint-Gobain (Saint-Gobain) whereby SWH, Saint-Gobain, or any persons acting in concert with them, are not obliged to present a public takeover offer to the Sika AG shareholders. William H. Gates III, Melinda French Gates and Cascade Investment, L.L.C subsequently lodged an appeal against the TOB decision with FINMA Takeover Committee. In its decision of 4 May 2015, the FINMA Takeover Committee has rejected their appeal.
