Adjustment made: ADECCO Leaves the New York Stock Exchange (NYSE) and Removes US Reporting Requirements
In a significant move, Swiss-based staffing solutions provider Adecco has announced the delisting of its American Depositary Shares (ADS) from the New York Stock Exchange (NYSE) on June 4, 2007. The company has also terminated its ADR program, marking a shift in its strategic approach to the American market.
The decision comes as Adecco continues to optimize its costs and focus on its core operations. The company's common shares will continue to trade on virt-x and the Eurolist of Euronext Paris following the delisting. The majority of shares held by US domiciled investors are ordinary shares acquired through virt-x London and the Eurolist of Euronext Paris.
Adecco filed a form to terminate the registration of its shares under the US Securities Exchange Act of 1934 (Exchange Act). By filing an application for the deregistration of its shares with the US Securities and Exchange Commission (SEC), Adecco's US reporting obligations will be suspended and are expected to terminate following a ninety-day SEC waiting period.
After December 4, 2007, any remaining shares underlying the ADRs will be sold, and the ADRs will represent only the right to receive the cash proceeds of sale of the underlying shares on a pro rata basis. Adecco will continue to provide a high standard of corporate governance, information, and disclosure for all investors at least in line with current Swiss regulations and applicable rules of the stock exchanges its shares are traded on.
Adecco Group, with its network connecting over 700,000 associates with business clients each day, demonstrated a commitment to maintaining internal controls throughout its global organization that meet the world's highest standards. The company, headquartered in Switzerland, operates through a multinational team with expertise in markets spanning the globe.
In 2006, Adecco's sales totalled EUR 20.4 billion. The company's network consists of 35,000 employees and 6,700 offices in over 70 countries and territories.
For further information, contact Adecco's Corporate Press Office or Corporate Investor Relations, details of which are provided.
In an attempt to streamline its expenses and prioritize its core business operations, Adecco, a renowned staffing solutions provider, has opted to delist its American Depositary Shares (ADS) from the New York Stock Exchange (NYSE). Given the surge in technology and finance sectors, Adecco aims to invest in business solutions that will maintain its competitive edge globally, leveraging its multinational team's expertise.
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