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Article: Publicis clinches last 25% of Zenith for [pounds sterling]75m.
- Article from:
- The Evening Standard (London, England)
- Article date:
- August 20, 2003
- Author:
CopyrightCOPYRIGHT 2003 Solo Syndication Limited. 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: JANE PADGHAM
FRENCH advertising giant Publicis today confirmed it had bought the remaining 25% of ZenithOptimedia from WPP for [pounds sterling]75 million, writes Jane Padgham.
The deal means Publicis boss Maurice Levy has been thwarted in his attempt to buy assets on the cheap from the troubled Cordiant group, the ailing ad firm which was recently purchased by WPP.
He had earlier agreed on a much lower pr ice for ZenithOptimedia, Cordiant's media-buying arm.
Publicis already owns 75% of ZenithOptimedia and found itself contractually obliged to buy the minority stake. The [pounds sterling]75 million it has paid comes on top of ...