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Dutch staffing firm Randstad Holding NV announced today that it offered to sell its operations in Portugal after discussions with European regulators over its proposed acquisition of Vedior NV. Randstad's acquisition of fellow Dutch staffing firm Vedior would create the second-largest staffing firm in the world. In the announcement today, Randstad said it's confident of getting clearance for the deal in the first phase of the European regulatory process with the Portuguese sale.
Randstad's Portuguese operations had euro47 million (US$69.2 million) in revenue in 2007, the company said. The sale wouldn't have an effect on the merger's proposed annual pre-tax cost savings of euro80 million (US$117.8 million) and tax savings of euro20 million (US$29.5 million), according to Randstad.
The company also said it submitted an offer memorandum to the Authority Financial Markets in the Netherlands and expects to launch the offer in the first week of April. On Dec. 3, Randstad offered euro9.50 (US$13.91) and 0.32759 in Randstad shares for each Vedior share.