Publicis and Omnicon merge to make biggest ad firm
July 29 , 2013
The world's biggest advertising company worth $35.1bn will be created as a result of the merger between France's Publicis and US firm Omnicom.
Chief executive John Wren from Omnicom and Maurice Levy from Publicis Groupe are supposed to become joint CEOs and shareholders from each firm will hold about fifty percent of the new one. The new company will be listed in Paris and New York, employing over 130,000 people.
Levy said he and Wren have decided to go through this merger in order to benefit their clients "by bringing together the most comprehensive offering of analogue and digital services."
The two companies anticipate saving worth $500m as a result of the merger and the deal is expected to be finalized next year by the end of March. They say the merger is going to be "tax-free".