St-Gobain is buying a controlling stake in constructive chemicals specialist Sika for EUR2.3bn. The group is also launching a competitive bidding process to dispose of the remaining portion of the its packing business (Verallia Europe).

St-Gobain is is proposing the acquisition of a 16 per cent family stake in Sika, which controls 52 per cent of group voting rights, meaning St-Gobain will fully consolidate the acquisition.

Analysts at JP Morgan believe that the acquisition of Sika – which operates a construction chemicals, adhesives and sealants business – looks to be consistent with St-Gobain’s intended strategy to make purchases that fit with its construction products and high performance materials businesses.