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Austria — Trenkwalder has liquidity problems

01 February 2010

Richard Trenkwalder, founder of Austria's largest staffing agency, told Austrian daily OON that he is looking for a financial investor in order to deal with liquidity problems.

Once immediate financial problems are resolved, Trenkwalder plans an Initial Public Offering on the stock exchange (IPO) for 2012 or 2013. He said "I want to make this old dream a reality at last."

However, It is rumoured in the industry that Trenkwalder had to sell a substantial number of shares to RLB Bank for a recent cash injection of 20 million Euro. RLB Bank and Erste Bank have insisted on employing Alejandro Eduardoff as new CFO in order to 'push the professionalisation' of the company.

It is equally rumoured that RLB and Erste Bank are planning to sell Trenkwalder to either Randstad or Adecco. According to OON, Randstad is not represented in Austria and could overnight become market leader in the country.

On the subject of selling his company Richard Trenkwalder said "I will not allow them to take my company away from me."

Trenkwalder has 85 subsidiaries with 450 offices in 20 countries and employed 53,000 people in 2009.



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