WPP and Finsbury end talks
Talks between UK financial PR company Finsbury and the advertising holding group WPP Group have failed, according to reports.
LONDON (Brand Republic) - Talks between UK financial PR company Finsbury and the advertising holding group WPP Group have failed, according to reports.
WPP, which owns the Ogilvy & Mather Worldwide and Young & Rubicam advertising agencies, was believed to be in discussions last month to buy Finsbury.
Sir Martin Sorrell, chief executive of WPP, is said to be committed to expanding WPP into financial PR. Earlier this year, the group also ended unsuccessful discussions with the Maitland Consultancy.
According to FT.com, WPP was negotiating a payment of £15m to £20m for Finsbury with an earn-out deal valuing the company at £50m. However, this price was later deemed “ludicrous” by Sir Martin.
Finsbury was founded in London in 1994 and now advises 10% of the FTSE 100 companies. Its retained client list includes Virgin, Trinity Mirror, Merrill Lynch and Carlton Communications.
The company is now understood to be looking at negotiations with other companies.
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