Big demand for recruiter
Aug 6 2008 by Iain Laing, The Journal
MICHAEL Page International shares soared more than 30% yesterday after the recruitment firm confirmed a takeover approach from global rival Adecco.
The company, which recently opened an office in Newcastle, saw its market value top £1.1bn after the news, although it said the offer from the Swiss firm had conditions, including due diligence.
The FTSE 250 Index company said it believed it had a very strong future as an independent group. It was launched in 1976 by Michael Page and Bill McGregor in London and made its first move overseas in 1985, opening an office in Australia. Mr Page retired from the business in 1995.
It has 166 offices in 28 countries and 5,000 staff. It employs 1,850 in the UK.
The UK business contributes nearly a third of group profits, but it saw growth slow to a near standstill in the most recent quarter as financial sector turmoil put a brake on hirings. Growth elsewhere meant quarterly gross profits rose 26%. Adecco has 7,000 offices in 60 countries.
