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Chime pays £2.28m for German PR firm

LONDON - Chime Communications has expanded its interests in Germany with the acquisition of PR firm MMK Markt & Medien-Kommunikation for as much as £2.28m, bringing the group's total number of German agencies to three.

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Chime will pay for the company with an initial consideration of £530,000 in shares and £1.23m in cash.

It may also be liable for deferred consideration of up to £520,000, depending on MMK's full-year pre-tax profits for the year to December 31 2001.

A new German holding company, Deutsche Chime will be established and headed by MMK managing director Klaus Stoffers.

Lord Bell, chairman of Chime said, "This is an important part of our German strategy. We have three agencies, Harvard in Munich, Smithfield Financial in Frankfurt and now MMK in Hamburg and Berlin."

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