Curator Jeroen Pinoy — © BELGA
The curator of bus builder Van Hool says he has not received an ultimatum from the Dutch group VDL. However, that company threatened in the media on Wednesday to pull the plug on the possible takeover of Van Hool if it did not receive clarity the same day.
After Van Hool’s bankruptcy on Monday, it seemed as if only the Dutch-German tandem VDL-Schmitz Cargobull was in the running to make a new start with Van Hool. However, other candidates emerged, and the unions asked the trustees to seriously compare all bids “with a view to retaining as much employment as possible”. Businessman Guido Dumarey, for example, promised to retain more jobs in the long term.
However, VDL vice-chairman Rolf-Jan Zweep put pressure on the curators on Wednesday. “If no decision is made tonight or no decision is made in our favor, it will end for us,” he said. “Our offer was prepared very carefully and solidly. If you want it to turn into a bidding war, you have to look for other parties.” Striking: curator Jeroen Pinoy noted at Radio 1 that he had never received such an ultimatum from VDL.
“At least six weeks lost for new bidding process”
Ultimately, the curators decided at 10 p.m. on Wednesday evening that they had not withheld the other bids “after discussions with the various parties involved”. According to the curators, there was a risk that too much value of the company would disappear if the restart were to wait. “If the bidding process had to be opened again, we would lose at least six weeks,” said curator Jeroen Pinoy at VRT NWS. “Then both production and distribution would come to a complete standstill. That would destroy value and have negative consequences for employment. Customers wouldn’t keep waiting. The order book threatened to empty rapidly.”
Moreover, Pinoy also feared an exodus among employees. “Specialized employees are needed, especially for the specialized products that Van Hool makes – tankers, double-decker buses. These are people in shortage professions, such as welders. If you leave those people in uncertainty for months, they will look for and find another job. Then a restart becomes increasingly unlikely. And then there is a risk that investors who are still interested today will drop out.”
The trustees say they are convinced that the takeover by VDL and Schmitz Cargobull is the best solution for employment. “Schmitz Cargobull wants to continue producing in Lier, and even wants to build a new production site there. And VDL also plans to maintain employment in Lier.”