DAVY VIEW

Saint-Gobain has moved to resolve its legacy asbestos issues once and for all. An affiliate of the group’s CertainTeed business has filed for Chapter 11 bankruptcy in an effort to settle all current and future claims. With no end in sight to new claims, filing for Chapter 11 will stay litigation and should sharply reduce the group’s legal costs (c.€88m in 2019). Meanwhile, in a Financial Times interview, the CEO has talked in detail about the positive progress of the group’s reorganisation. The article also touched on potential activist interest, speculation of which has surrounded the stock for some time.