Omnicom, Publicis abandon mega-merger

|About: Omnicom Group Inc. (OMC)|By:, SA News Editor

As expected, advertising giants Omnicom (OMC) and Publicis (PUBGY) have called off their $35B merger, citing "difficulties in completing the transaction within a reasonable time frame."

Numerous problems had beset the "merger of equals," including obtaining tax and other regulatory approvals, differences over which executives would take leading positions - particularly the job of CFO - and which company would be listed as the legal acquirer of the other.

No termination fees are being paid by either side.

The ending of the merger leaves WPP (WPPGF) as the world's largest advertising company.

This was corrected on 05/09/2014 at 05:41 AM. The role of CFO was a source of a dispute between Omnicom and Publicis, not the position of CEO, as previously stated.