Speculation was growing last week that Dutch recruitment company Randstad might not be the only suitor seeking to acquire all, or part of, fellow Dutch global giant Vedior.

On 5 December, Randstad revealed that it had bought 10.23% of Vedior, following an announcement on 3 December from both companies that they planned to merge, creating the second largest human resources company worldwide. Randstad has proposed a mixed cash and share deal.

Vedior's recently appointed chief executive Tex Gunning has been tapped to lead the integration team but at press deadline, his future after integration was unclear.

Analysts suggest that Vedior's multi-sector diversity could appeal to a variety of different players, including fellow global giant Adecco. One possible scenario could see another (higher) bid for Vedior than that offered by Randstad, from which an investor could gain great return from the purchase by then breaking up and selling off Vedior's various parts.

In addition to Adecco, international recruitment holding firm Empresaria could be another interested party, an analyst suggested. Vedior veterans Tony Martin and Armin Preisig currently hold key roles at Empresaria. "If anyone knows that company [Vedior], it will be them," an analyst told Recruiter.

Former Vedior chief executive Zach Miles is unlikely to re-enter the picture in the near future, as it is understood he is under a two-year 'non-compete' agreement with his former employer.

Another mergers/acquisitions expert agreed that a break-up could ultimately be on the cards. "There will be some fallout," he told Recruiter. "Sales of subsidiaries might follow a year or two down the track."

Some subsidiary groupings already exist within Vedior, which could facilitate a break-up of parts of the business. For instance, earlier this year, the education-related businesses owned by Vedior were consolidated into one service group, the Verb Group. (Recruiter, 25 July 2007.)

While the global arm of Randstad was preparing to create what one analyst called "a Dutch national champion" in recruitment globally, the firm's UK arm was shutting down 12 offices in England and Northern Ireland. The offices are in Brighton, Coleraine, Derry, Exeter, Maidstone, Newcastle, Plymouth, Portsmouth, Slough, Watford, Woking and Wolverhampton.

Randstad said the branches represent less than 3% of the company's UK revenue. The jobs of 46 people could be made redundant.