Swiss regulator rejects Gates appeal on Sika, Saint-Gobain deal

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 by French rival Saint-Gobain .

The foundation of the wealthy Microsoft Corp 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.

(Reporting by Katharina Bart; Editing by David Holmes)