15th Feb 2017 07:23
LONDON (Alliance News) - Shanks Group PLC on Wednesday said it has now received all necessary competition and shareholder approvals for its proposed merger with Netherlands-based waste collection and recycling company Van Gansewinkel Groep BV.
This comes after Shanks received approval from the relevant competition authorities in Belgium late last month, meaning it now has all the competition authority and shareholder approvals necessary to proceed with the merger.
The merger between waste management firm Shanks and Van Gansewinkel will create a GBP1.00 billion Anglo-Dutch company. The deal values Van Gansewinkel at EUR484.0 million, while Shanks's own market capitalisation is GBP576.5 million. The deal was approved by Shanks shareholders in October.
The process for completion of the deal and the launch of the combined group under one brand is expected to take around two weeks, though completion is still subject to approval of a prospectus by the Financial Conduct Authority.
"A huge amount of pre-merger work has been undertaken by the Shanks and Van Gansewinkel management teams and our integration planning is well advanced. Once the merger formally completes, we will begin integrating the businesses at pace," said Shanks Chief Executive Officer Peter Dilnot.
By Hannah Boland; [email protected]; @Hannaheboland
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