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The Netherlands — Further consolidation in the staffing services sector

16 July 2009

Rob Zandbergen, CFO and Interim Chief Executive of USG People NV after the departure of Ron Icke, has told Dow Jones Newswire that “recruitment companies are increasingly eyeing each other up for possible mergersâ€VbCrLf, the Wall Street Journal reports today.

“This is what you always see in difficult markets…USG People is the prettiest girl in class. Every boy would love to dance with that girlâ€VbCrLf, Mr. Zandbergen said but declined to go into any further detail.

In the context of USG People NV having recently expanded its bank covenants in order to strengthen its balance sheet and market speculation that USG People NV might launch a rights issue to narrow its debts Mr. Zandbergen commented that “USG has never considered a rights issue. This is really a last resort.â€VbCrLf

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