PUBLICIS TO ACQUIRE SAATCHI AND SAATCHI
By Adnews Staff
Paris-based Publicis SA is set to acquire London-based Saatchi & Saatchi PLC in a deal estimated at US$1.5 billion. The all-stock acquisition will create the world's fifth largest advertising network. Commenting on the merger, Richard Olsen, president of Saatchi & Saatchi Canada said "In Canada we expect the merger to have no direct effect on our operations, as both the Saatchi and Saatchi and Publicis agencies will continue to operate autonomously." No client conflicts are reported as a result of the merger. Counted among Saatchi's major clients are Procter & Gamble Co. and Toyota Canada. Publicis's client roster includes Microsoft Canada, Canadian Imperial Bank of Commerce and Nestle Canada.
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