16 Apr Sorrell says Publicis / Omnicom’s ‘merger of equals’ is ‘impossible’
Sir Martin Sorrell, chief executive of WPP, has called attempts by rival holding groups, Omnicom Media Group and Publicis Groupe to form a £23 bilion “merger of equals” “impossible”.
“They talk about this being a merger of equals, which is technically impossible. From an accounting point of view, there has to be one company that takes over the other.”
The commonly held belief that Publicis Groupe’s merger with Omnicom will be completed by the third quarter of 2014, or even the fourth quarter, is also increasingly unlikely, according to WPP’s chief executive.