Final milestone reached for merger Van Gansewinkel and Shanks
15 February 2017
Today, the Dutch Competition Authority (ACM) has issued its approval to the proposed merger between Van Gansewinkel and Shanks. This means that the final milestone has been reached for final completion of the merger, following a positive assessment of the merger plans by the shareholders and the Belgian competition authority.
The formal finalisation process, now being put in motion by both companies, is expected to take around a further two weeks. After that, the new combined business will continue under a new name, which will be announced on the date of "Closing".
The final piece in the jigsaw
The merger is the final piece in the jigsaw of the transformation process on which the staff at Van Gansewinkel have been hard at work over the past 2.5 years. A complex refinancing package was completed in 2015 and the debt was reduced by around €500 million, bringing it back to normal proportions. Overhauling strategy, improving the organisational structure and investing heavily in equipment and recycling solutions then laid the foundations for an improvement in the company's results. This turnaround became obvious when the marked increase in operational results in 2016 was presented. The merger with Shanks creates a strong new business, with all the ingredients required to play a leading and connective role in the circular economy.
Marc Zwaaneveld comments: "Our staff have shown their adaptability and vitality in recent years and have succeeded in achieving the turnaround. 2016 was a year of transformation, marked by a significant improvement in performance. Following this approval from the ACM, we will now be shaping the merger with Shanks from a position of great confidence. The combined company has all the ingredients needed for a solid future as a connective player in the circular economy and as a market leader in recycling and waste-to-product solutions."