France’s Publicis and US advertising firm Omnicom have announced a merger to create the world’s biggest advertising company worth $35.1bn (£22.8bn). Omnicom chief executive John Wren and Publicis Groupe boss Maurice Levy are to become joint CEOs.Each firm’s shareholders will hold about 50% of the new Publicis Omnicom Group. The firm will be listed in Paris and New York and will employ more than 130,000 people. The companies envisage savings of $500 million from the merger, and the deal is expected to be finalised by the end of the March 2014. They say the merger should be “tax-free” and the holding company based in the Netherlands. The new Publicis Omnicom Group will overtake UK rival WPP in size.
29 July 2013