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UPDATE 2-Ordina shares fall after Robeco ends IT deal

Wed Jun 18, 2008 3:24pm IST
 
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(Adds Ordina comment, updates share price)

AMSTERDAM, June 18 (Reuters) - Shares in Dutch IT services company Ordina (ORDN.AS: Quote, Profile, Research) fell more than 6 percent on Wednesday after asset manager Robeco ended an 85 million euro ($132 million) outsourcing deal.

The companies, which signed the 10-year contract last year worth 8.5 million euros annually, disagreed on a number of issues, an Ordina spokeswoman said.

She said the company was in talks with Robeco regarding compensation and the possibility of regaining the outsourcing deal.

"It is too early to say what the impact will be exactly. It is not even sure if there will be an impact," she said.

Ordina posted 665.4 million euros in sales in 2007.

The loss of the Robeco account could hurt the credibility of Ordina's business process outsourcing (BPO) platform, a key part of the company's operations, ABN AMRO analyst Wim Gille said.

"It will become more difficult to sign on new clients," he said.

Ordina shares were down 6.7 percent at 9.79 euros by 0859 GMT, the biggest loser in the mid-cap index . The stock had earlier hit an 11-week low at 9.70 euros.  Continued...

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