Rentokil Initial PLC Further re Joint Venture with Haniel (5563H)
08 June 2017 - 8:40PM
UK Regulatory
TIDMRTO
RNS Number : 5563H
Rentokil Initial PLC
08 June 2017
8 June 2017
European Commission Unconditional Clearance: Rentokil Initial
Joint Venture with Haniel
Rentokil Initial plc (FTSE: RTO, "the Company") and Franz Haniel
& Cie. GmbH ("Haniel") announced on 16 December 2016 that they
had entered into an agreement to form a joint venture, creating a
leading provider of Workwear and Hygiene services in Europe, and
that completion of the transaction would be conditional on receipt
of competition clearance from the European Commission.
The European Commission has today cleared the formation of the
joint venture under the EC Merger Regulation unconditionally. There
are no further conditions to completion of the transaction.
Having also now completed all necessary employee information and
consultation procedures, including receiving 'positive advice' from
the Netherlands Works Council, the transaction is expected to
complete on or around 30 June 2017.
ENDS
Notes to editors:
Rentokil Initial
Rentokil Initial is one of the largest business services
companies in the world, operating in over 65 countries and
employing 38,000 colleagues. The Company offers route-based
services including Pest Control, Hygiene and Workwear through teams
of local experts. For more information, visit
www.rentokil-initial.com.
Joint Venture: Background
The joint venture brings together Rentokil Initial's Workwear
and Hygiene businesses in 10 countries principally in the Benelux
and Central & Eastern Europe regions, together with Haniel's
businesses in 17 countries which operate under the CWS-boco brand.
The JV will have revenues of c. EUR1.1bn and APBITA of c. EUR130m
(12 months to 30 June 2016).
Enquiries:
Investors / Analysts: Katharine Rycroft Rentokil Initial plc 07811 270734
Media: Malcolm Padley Rentokil Initial plc 07788 978 199
Ben Woodford/Sam Cartwright Bell Pottinger 0203 772 2588
This information is provided by RNS
The company news service from the London Stock Exchange
END
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