DTZ Zadelhoff and Cushman & Wakefield have decided to discontinue talks on an intended merger of their operations in The Netherlands.
Both parties have agreed that for the near term it is vital to concentrate on their respective priorities and that any delay to the merger would generate uncertainty. A merger is an intense and complex process, the success of which is highly dependent on the foundation that is laid out at the start. In addition, the Dutch merger talks took place against the background of the extensive global integration which has been successfully completed. Recent media coverage relating to an investigation into two valuations undertaken by DTZ Zadelhoff ten years ago, added a further dimension to an already complex and time-consuming process despite confidence in a positive outcome of this matter.
The intention to integrate the Dutch operations of both companies was announced in October last year following the acquisition of Cushman & Wakefield by the ownership consortium of DTZ in September 2015. The global merger of Cushman & Wakefield and DTZ is complete and the ownership consortium has further increased its minority shareholding in DTZ Zadelhoff through the acquisition of stake held by the founder of DTZ Zadelhoff, Cor van Zadelhoff.
Both companies will continue to operate fully independently in the Dutch market, with uninterrupted services provided by the global network to the clients of DTZ Zadelhoff.
Jeroen de Bruijn, Chairman of the Board of DTZ Zadelhoff said: “A merger has never been a goal in itself, but obviously it is disappointing that we will not be able to come to the desired cooperation at this moment. At the same time, one has to honestly face the fact that time eventually is working against you. It is not an option to leave employees and clients in the dark about the future for such a long time. We will now continue to strengthen our market leadership position and build on our success with the strong DTZ Zadelhoff brand. We have also put in place solid arrangements for our international ambitions and network, now and in the future.”
John Forrester, Chief Executive EMEA, Cushman & Wakefield said: “Even though talks have ended, as a shareholder we remain positive both about the strength of the Dutch market and the key role that DTZ Zadelhoff plays therein. This confidence is clearly signalled by our owner’s further investment through the acquisition of Cor van Zadelhoff’s ownership.”