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Article: Ojjeh paves way for knockdown Zenith bid by Publicis.
- Article from:
- Financial News
- Article date:
- July 11, 2003
CopyrightCOPYRIGHT 2003 Financial News Publishing Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: David Rothnie
Syrian billionaire Najeh Ojjeh's secret shareholding in Cordiant Communications, the subject of a takeover bid by UK advertiser WPP, has given Publicis, the French advertising group, the chance to snatch control of Zenith Optimedia for as little as [pounds sterling]3.5m ([euro]5m).Zenith Optimedia is the media-buying joint venture between Cordiant and Publicis whereby Cordiant controls 25% and Publicis, owns the remaining 75%.
Publicis' advisers included Veil, Jourde La Garanderie, the Paris-based law firm which also advised Ojjeh on her 10.75% shareholding in Cordiant, along with UK law firm Simmons and Simmons. Stuart Evans, a ...