WPP PLCOTCPK - Current
May 9, 2014, 3:20 AM
- 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.