$35 billion Omnicom-Publicis mega-merger may be called off
The planned $35 billion merger of Omnicom Group of the United States and Publicis Groupe of France to create the world’s biggest advertising group ahead of WPP is said to have been called off.
Omnicom and Publicis would not comment but several news reports said the merger fell apart due to a clash of personalities and culture, disagreements over executive roles and integration strategy, as well as legal, regulatory and tax complications.
Maurice Levy, chief executive of Paris-based Publicis, and John Wren, his counterpart at New York-based Omnicom, have been wrestling with many issues involved in the complex merger proposal, including the choice of chief financial officer.
In April, WPP chief executive Sir Martin Sorrell mocked rivals Publicis and Omnicom over the tax problems they were having with their delayed mega-merger, saying “it’s turning into a soap opera”.
Levy and Wren announced their ambitious “merger of equals” plan last July, but recently they were forced to admit that it was taking longer than expected to persuade regulators in France, the UK, the Netherlands and China about the deal.
Sorrell told the Evening Standard: “It’s turning into a soap opera. Clearly John Wren and Maurice Levy are unhappy with each other. If you listen to the two first-quarter conference calls, it was like two ships passing in the night.
“Levy said there was only one tax problem — with the French. Wren a couple of days later contradicted him.”
- 1 Great White Shark launches extraordinary attack on tourists' rubber dinghy in South Africa
- 2 England World Cup 2014 squad: Ashley Cole retires from international football as Roy Hodgson admits omission was 'one of the hardest decisions' of his career
- 3 Lost? The Tea Party has already won, and its influence will be felt for years to come
- 4 British public wrong about nearly everything, survey shows
- 5 The return of El Niño: US scientists say there is 80% chance of extreme disruption to world's weather later this year
-
Great White Shark launches extraordinary attack on tourists' rubber dinghy in South Africa
-
Do you know who I will.i.am? Voice coach kicked out of United Airlines first class lounge over 'fake' membership card
-
The return of El Niño: US scientists say there is 80% chance of extreme disruption to world's weather later this year
-
Far-right activists hand out Bibles outside mosques in Bradford
-
Max Clifford: Wife Jo seeking divorce from disgraced publicist husband
-
Ukip is 'not racist' Nigel Farage tells rally while flanked by party's ethnic minority candidates
-
'Badly behaved men on a stag night': is this what the Tories think of their own voters supporting Ukip in the European elections?
-
Why are ethnic minorities supporting Ukip?
-
Ukraine crisis EXCLUSIVE: US and Europe planning to ‘cut off’ Russia’s gas supply
-
Ukip boosted by Labour decision to soft pedal in Newark by-election
-
Ukraine crisis: Bloody assault in Mariupol in south-east dashes hopes of avoiding civil war
Holidays through history
Inspire your family with a journey to England's past
See Portsmouth through history
Inspire your family with a journey to England’s past
Barbados: Rub shoulders with other A-listers
Get your best pair of sunglasses ready. Rum punch in one hand, snorkel in the other, you’ll be on superstar form in this white-sanded paradise.
Get in Linen
Browse our polo shirt picks to pair the ultimate in fashion cute.
Get the look. See the trends.
Westfield and Snapfashion team up to create a new digital styling tool. Create a style board or browse this season's trends. #editme.
Beautiful Bergen, the gateway to the Norwegian fjords
Bergen - a city set amid spectacular scenery which is easily accessible for a fascinating weekend escape.
Far away - and yet close to home - in the beauty of the Norwegian fjords
Only two hours from Britain amid the dramatic scenery and lovely fjords of western Norway, find out more about the Norwegian fjords...
Prints are the new black
From ditsy florals to tropical succulents to brush strokes. Opt for vibrant shades and have the courage to clash.
What exactly does a free credit report offer?
Having ready access to credit is an essential part of most people’s life.
Enter the latest Independent competitions
Win anything from gadgets to five-star holidays on our competitions and offers page.
Business videos from commercial thought leaders
Watch the best in the business world give their insights into the world of business.
Independent Dating
iJobs Money & Business
VP - Treasury Risk/ Controls - London
£65000 - £85000 per annum + ££££££: Real Staffing: Do to some high profile cha...
Trainee Recruitment Consultant - Birmingham - Real Staffing
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
Trainee Recruitment Consultant - Birmingham - Real Staffing
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
Cutting-Edge Firm - Software Developer - Java
Negotiable: Huxley Associates: Cutting-Edge Firm - Software DeveloperThe Compa...