Adecco France received Statement of Objections from French Competition Council
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.
Nov 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. 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.