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Adecco buying additional shares of DIS

September 04 2007

Adecco SA said Monday it signed a deal to buy 15.7% of German staffing company Deutscher Industrie Service AG (DIS) that it did not already own for euro219 million (US$298.6 million). Adecco said it now holds 98.4% of the registered shares of DIS and can "squeeze out" other shareholders to buy the entire company. Of the remaining 1.6% of shares not held by Adecco, 1.1% is held by DIS as treasury shares and 0.5% is owned by minority shareholders.

Adecco purchased approximately 83% of DIS in the first quarter of 2006 for euro580 million (US$705.1 million), according to its first-quarter 2006 report. DIS CEO Dieter Scheiff later became CEO of Adecco. In addition, DIS CFO Dominik de Daniel took on the CFO role at Adecco.

In the second quarter of 2007, Adecco announced it was buying another German staffing company, the Tuja Group, for $1.07 billion.


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