Adecco France received Statement of Objections from French
Competition Council
Zurich, Switzerland, November 16, 2007: As announced in December
2004, the French competition authority commenced an investigation of
Adecco France and certain of its competitors in late 2004. Adecco
France has received a statement of objections from the French
Competition Council alleging exchanges of commercially sensitive
information with competitors from 2003 to 2004 and a concerted
practice in connection with one tender offer in France. Pending
careful analysis of the allegations and the file of the Competition
Council, Adecco has been advised that in comparable cases in the past
the French Competition Council has issued fines which, if they were
to be levied at a similar level, would not be material for the Adecco
Group.
As announced in December 2004, the French competition authority
commenced an investigation of Adecco France and certain of its
competitors in late 2004. Two of the French subsidiaries, the former
Adecco Travail Temporaire (now Adecco France SASU) and Adia SAS (now
Adia SASU), have received a Statement of Objections alleging
violations of competition rules. According to the statement Adecco
Travail Temporaire has been involved in exchanges of commercially
sensitive information with competitors in 2003 and 2004. Adecco
Travail Temporaire and Adia SAS allegedly have also been involved in
a concerted practice in response to one tender offer of a French
company.
A Statement of Objections is a legal step in proceedings under French
competition law. This step does not prejudge the outcome of the
matter as the parties will have full access to the file and the right
to respond to the council's objections and to present their views in
a formal hearing.
Adecco will carefully analyze the allegations made in the Statement
of Objections and the conclusion reached therein and intends to
respond as appropriate. Adecco has been advised that in comparable
cases in the past, where the allegations were found to be warranted
by the facts, the French Competition Council has issued fines, which
would not be material to the Adecco Group. However, there can be no
assurance that the ultimate resolution of this matter will not have a
material adverse effect on the consolidated financial position,
results of operations, or cash flows of the Adecco Group.
The Adecco Group adheres to high ethical and business compliance
standards. Antitrust compliance and fair competitive behaviour are
part of Adecco's 'Code of Business Conduct' and Adecco is strongly
opposed to any violations and misbehaviour. The investigations of the
competition authorities are limited to the two French subsidiaries
and certain of their competitors in the French market.
Forward-looking statements
Information in this release may involve guidance, expectations,
beliefs, plans, intentions or strategies regarding the future. These
forward-looking statements involve risks and uncertainties. All
forward-looking statements included in this release are based on
information available to Adecco S.A. as of the date of this release,
and we assume no duty to update any such forward-looking statements.
The forward-looking statements in this release are not guarantees of
future performance and actual results could differ materially from
our current expectations. Numerous factors could cause or contribute
to such differences. Factors that could affect the Company's
forward-looking statements include, among other things: global GDP
trends and the demand for temporary work; changes in regulation of
temporary work; intense competition in the markets in which the
Company competes; changes in the Company's ability to attract and
retain qualified temporary personnel; the resolution of the French
anti-trust investigation and the resolution of the US class action;
and any adverse developments in existing commercial relationships,
disputes or legal and tax proceedings.
About Adecco
Adecco Group is the world market leader in Human Resource services
with sales of EUR 20.4 billion in 2006. The Adecco network connects
over 700,000 associates with clients each day through its network of
37,000 employees (FTE's) and 7,000 offices in over 60 countries and
territories around the world. Headquartered in Switzerland, and
managed by a multinational team with expertise in markets spanning
the globe, Adecco delivers an unparalleled range of flexible staffing
solutions and career services to clients and associates.
_________________________
Contacts:
Adecco Corporate Investor Relations
investor.relations@adecco.com; Tel. +41 (0) 44 878 8925
Adecco Corporate Press Office
media.relations@adecco.com; Tel. +41 (0) 44 878 8832
--- End of Message ---
Adecco SA
Sagereistrasse 10 Glattbrugg Switzerland
WKN: 922031;
ISIN: CH0012138605; Index: SLCI, SMI, SPI, SMIEXP;
Listed: Main Market in SWX Swiss Exchange;