Martin Sorrell, WPP Group CEO, discusses the fallout in the proposed merger between Omnicom and Publicis.
May 8- The proposed $35 billion merger between Omnicom Group Inc, the No. 1 U.S. advertising company, and French rival Publicis Groupe SA has been called off, according to a person familiar with the situation.
LONDON, May 1- Pfizer's plan to buy AstraZeneca for around $100 billion could face antitrust hurdles in China, where the two companies rank No. 1 and No. 2 among multinational suppliers in the prescription drug market.
LONDON/ NEW YORK/ PARIS, May 1- Publicis and Omnicom have lost more than $1.5 billion of client work in recent weeks and face a fight to retain billions more, including a huge Samsung contract, just as the two advertising firms struggle to keep their merger on track.
U.S. drugmaker Pfizer Inc said on Monday it has made takeover bids for UK rival AstraZeneca Plc in a possible deal to merge the two into a UK holding company with a UK tax domicile. With the U.S. Congress deadlocked over tax-and-spending policy, the chances of an inversion crackdown becoming law soon were slim, said analysts, though it could not be ruled out.
The Obama administration is focused on finding ways to curb tax-motivated reincorporations to other countries by U.S. businesses.
*Structure of proposed deal for AstraZeneca sparks concerns. April 28- A wave of tax-driven overseas deal-making by U.S. companies gained momentum with drugmaker Pfizer Inc's announcement on Monday that it had made takeover bids for UK rival AstraZeneca Plc, fueling political concerns about tax "reflagging" strategies.
*Omnicom, Publicis tie-up delayed by antitrust, tax reviews.
LONDON, April 25- WPP, the world's largest advertising group, reported a much better than expected 7 percent rise in first quarter like-for-like revenue growth and said it had seen a surge in new client wins due to changes in the industry.
LONDON, April 25- WPP, the world's largest advertising group, reported first quarter like-for-like revenue growth of 7 percent, much better than expected, and said it had seen a surge in new business wins due to changes in the industry.
The shift in the “atmosphere around tax” globally is “significant” and has “hardened,” the chief executive of WPP has told CNBC.
The new company would be registered in the Netherlands and tax resident in the UK. Wren added that if the UK and the Netherlands did not approve the structure, the whole deal was at risk since "there is no Plan B", though Publicis said on Thursday it was confident the deal would still proceed.
Unforeseen tax issues have thrown the $35bn merger of Publicis and Omnicom into jeopardy, the Financial Times reports.
*U.S. revenue rises 4 pct at Omnicom, 5 pct at Interpublic. *Omnicom 1st- qtr revenue $3.50 bln vs est $3.48 bln. April 22- Omnicom Group Inc, the No. 1 U.S. advertising company, said it was unable to predict when its $35.1 billion merger with France's Publicis Groupe SA would close as the deal was yet to win some key approvals.
*U.S. revenue rises 4 pct at Omnicom, 5 pct at Interpublic. *Interpublic revenue $1.64 bln vs est $1.60 bln. April 22- U.S. advertising companies Omnicom Group Inc and Interpublic Group of Cos reported better-than-expected revenue, mainly due to higher ad spending in their home market.
April 22- Omnicom Group Inc, the largest U.S. advertising company, reported a 3 percent rise in quarterly revenue due mainly to higher growth in its home market. Omnicom, which owns agencies such as BBDO Worldwide and Goodby, Silverstein& Partners, said revenue rose to $3.50 billion in the first quarter from $3.39 billion a year earlier.
The CEO of French advertising agency Publicis has said the lengthy negotiations with China regarding its merger with Onmicom Group is taking energy out of the day to day running of the firm.
The company raised about $163 million after its offering was priced at $25, below the expected price range of $26- $29 per share. Moelis, founded and led by veteran Wall Street investment banker Ken Moelis, offered 6.5 million shares of Class A common stock, lower than the 7.3 million it had initially planned.
*Goldman Sachs and Morgan Stanley lead underwriters for offering. April 15- Moelis& Co's initial public offering has been priced at $25 per share- below its expected range- a market source said, valuing the independent investment bank at about $1.29 billion.
NEW YORK, April 1- A federal judge in Manhattan has denied a motion to grant class status to a lawsuit accusing French advertising company Publicis Group SA of discriminating against women in pay and promotions.