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Is Adecco Considering SThree?

The Times Robert Lindsay reports today, It may not seem a good time to buy a British recruitment agency, with unemployment rising so fast, but talk that Adecco, the worlds largest recruiter, is considering a bid for SThree is hard to discount.

Adeccos main business is placing blue collar staff but it has a 1 billion (940 million) war chest that its chief executive wants to use for acquisitions to bolster its white collar business. Kean Marden, an analyst at Singer, believes that with sterling weak and the euro likely to fall soon, now is a good time to bid. Adecco could pay between 250p and 300p up to 400 million and meet its internal targets for growing value.

That should satisfy the hierarchy at SThree, who own 30 per cent. The shares, which were floated at 200p, added 1p to 181p, having risen from 158p in six days.


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