ZURICH (Reuters) - The Swiss financial regulator on Monday denied an appeal by investors including Bill Gates over a proposed 2.75 billion Swiss franc (£1.94 billion) takeover of Swiss firm Sika (VX:SIK) by French rival Saint-Gobain (PA:SGOB).
The foundation of the wealthy Microsoft Corp (O:MSFT) chairman and his wife Melinda as well as Cascade Investment had sought to force the French firm to buy out minority shareholders in Sika, which is controlled by the Burkard-Schenker family.
Swiss financial overseer FINMA said it backed an April decision by Switzerland's takeover board that Saint-Gobain is not required to make an offer to the Baar-based chemicals firm's minority shareholders.
FINMA's decision makes it unlikely that minority shareholders will receive an offer from Saint-Gobain, which can control Sika without a majority of shares because it is proposing to buy the Burkard-Schenker family's stock, which has more voting rights.
A lengthy court and regulatory battle for control of Sika looms because its management and much of its board are seeking to block the sale to Saint-Gobain.
The family owns just over 16 percent of Sika's shares, but holds a majority of the company's voting rights.