Monster eyes Swedish site
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May 25, 2001: 11:18 a.m. ET
Monster.com parent makes bid in move to bolster European presence
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NEW YORK (CNNfn) - Monster.com, the online job-listing Web site, said Friday its parent company agreed to buy Swedish online recruitment site Jobline International AG for $115.5 million.
The move by TMP Worldwide (TMPW: down $0.72 to $62.27, Research, Estimates) is designed to boost Monster.com's brand recognition in the European market.
Maynard, Mass.-based Monster.com said in a statement that Jobline's board of directors had approved TMP Worldwide's cash bid and recommended that Jobline's shareholders accept the offer.
"Our acquisition of Jobline is a tremendous step forward for Monster.com's European expansion strategy," said Jeff Taylor, CEO of Monster.com. "With the integration of Jobline into our existing European platform, Monster.com is poised to offer an array of expanded services and opportunities for job seekers and employees throughout Europe and across the globe."
Founded in 1997, Jobline International currently operates in 11 European countries with over one million registered users. The Jobline acquisition will introduce Monster.com into four new European countries markets: Sweden, Norway, Denmark, and Switzerland. Monster currently operates 10 European sites.
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