Advertising merger called off
The proposed $35bn merger between US-based Omnicom and French rival Publicis has been called off “as the challenges in forming the world’s largest advertising agency proved too immense for the partners”, the Guardian reports.
The deal foundered on issues ranging from its complex tax structure to the firms’ divergent cultures.
John Wren, Omnicom chief executive, is quoted in the Guardian as saying: “There was no one factor”.
The two firms had justified the merger as “a way to provide scale and capital to cope with technological forces wrenching the advertising business”.