WPP and Grey deal is stalled
WPP's planned acquisition of Grey Global hit a European regulatory hurdle on Tuesday.
According to a Reuters report, files that were submitted to the EU's merger regulator seeking approval for British WPP to buy Grey Global are incomplete, the EU's executive commission said.
The companies now have to re-file a full notification, after which its one-month merger review process will start again, according to the commission. Both agencies plan to continue to cooperate fully with the Commission services.
WPP Group's proposed $1.31 billion purchase, equally divided in cash and shares, would put it on a par with the world's largest advertising company, Omnicom
WPP and Grey's combined 2003 revenues would have been $8.637 billion.