Adecco praise for Page as it targets a buy

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Dieter Scheiff described Michael Page as a "jewel" in the professional services market and said he would be "very happy" if its management team could come and strengthen Adecco.

The overtures looked like an attempt to soften up opposition to a potential bid after Standard Life, Michael Page's biggest shareholder, said its shares were significantly undervalued even after they jumped following news of Adecco's interest.

Analysts believe Adecco could bid at up to 400p a share. Scheiff today said he was in early-stage talks with Michael Page.

Adecco today posted a 5% fall in second-quarter profits and warned of further contraction in Europe and Japan.