Staffing firm Adecco eyes Michael Page
The Swiss staffing company is considering a takeover of its British rival, Michael Page International.6 August 2008
ZURICH - Swiss staffing company Adecco SA said Tuesday it is considering a takeover of its smaller British rival, Michael Page International.
Adecco confirmed the move after Michael Page announced it had received "an unsolicited, preliminary approach".
The British company's share price jumped 33 percent on the London Stock Exchange Tuesday.
Jacqueline Spieler, a spokeswoman for Adecco, declined to say when the talks began or how much the company was offering for Michael Page.
Adecco, the world's largest staffing company in terms of sales, posted revenues of EUR 21.1 billion (CHF 34.4 billion) and net profits of EUR 735 million in 2007.
Michael Page, a specialist recruiter with offices in 28 countries, had annual sales of GBP 832 million (CHF 1.71 billion) in 2007, according to its website.
Adecco shares rose 2.65 percent to CHF 50.15 in Zurich.
[AP / Expatica]