A top shareholder in Deutsche Industrie Service, the German recruitment group which is the subject of a €719m ($870m) takeover bid by rival Adecco, has enlisted Lazard to advise it on rejecting the Swiss company's offer.

German paper and energy company Voith, which holds a 29.5% stake in Deutsche Industrie Service, said in a statement today that Adecco's offer does not reflect the fair value of the company and that the takeover process is tainted by "serious conflict of interest".