As expected, Dutch waste processor Van Gansewinkel is being taken over by British peer Shanks for around €482m.

The name of the new-look company, which will have a workforce of 8,000, will be announced at the end of October. The new company expects the deal to lead to €40m in structural savings in the third year after completion.

According to news agency ANP, this means job losses will be unavoidable.

Van Gansewinkel was owned by private equity firms CVC Capital Partners and KKR & Co until last year but ended that relationship as part of a debt restructuring agreement.