Myjob, a recruitment website in China which belongs to Irish online job information platform Saongroup, is planning to purchase ChinaHR.com for 30 million U.S. dollars.
Luo Bingquan, the chief executive officer of ChinaHR.com, has held talks with the president of its parent company Monster Worldwide Salvatore Iannuzzi over the phone about the compensatory methods of current employees. But they have not presented satisfied scheme to employees yet.
ChinaHR.com, founded in 1997, was injected 50 million U.S. dollars by world largest online recruitment website Monster Worldwide in 2005, and 40 percent of its shares was bought by Monster Worldwide.
In 2006, Monster Worldwide purchased 5 percent of ChinaHR.com shares paying 19.9 million U.S. dollars. ChinaHR became Monster Worldwide fully-owned subsidiary in 2008, after Monster Worldwide brought the remaining 55 percent of ChinaHR.com shares for 174 million U.S. dollars.
ChinaHR.com has been losing money from 2005 to 2012, and the performance of Monster Worldwide has been badly affected.
According to a recruitment website report released by Iresearch.cn, ChinaHR.com ranked ninth on the website list according to the number of users. The revenue of Monster Worldwide reduced to 194 million U.S. dollars, a year-on-year decrease of 10 percent in the third quarter of last year.
Monster announced it will sell ChinaHR.com due to the great fiscal pressure after its financial statement of the third quarter in 2012 was released. On Nov. 9, 2012, the second day after the information about the sale was released, Monster Worldwide shares sharply went down 10 percent at New York stock exchange.
An insider said Myjob has been negotiating with Monster Worldwide about the acquisition for the last month. Myjob is a subsidiary of Saongroup in Asia-Pacific, the Irish recruitment service tycoon.
Edited and translated by Ma Xi, People's Daily Online
Read the Chinese version: Myjob或收购中华英才网
Source: Beijing Daily
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