Actebis and Also link arms in Europe

Rivals join forces to create European super distributor

Joining forces: Actebis and Also are set to form a super distributor

Swiss-based Schindler has announced an intention to merge its Also distribution arm with European rival Actebis.

The firm claims the move, if approved, will create the third-largest distributor in Europe with a turnover of around $9.53bn.

Under the terms of the deal Droege, the unlisted parent company of Actebis, will become the majority shareholder and Schindler will hold a stake of around 33 per cent, which will be considered as an independent financial investment.

The new company will retain the Also name and will be headquartered in the Swiss town of Hergiswil.

Also chief executive Thomas Weissmann said the combined firm will have " better power through cost leadership".

If the merger receives approval from Also shareholders, the relevant management bodies of the Droege Group and competition authorities, it is expected to be completed before the end of the year. It will cover eight main territories: Denmark, Estonia, Finland, Germany, Latvia, Lithuania, Norway and Switzerland.