Maurice Levy and John Wren. CEO's of Publicis Groupe and Omnicom.
The $35 billion merger, announced in July 2013, between communications giants Omnicom and Publicis Groupe, which would have generated over $500 million in savings, has been called off. Omnicom and Publicis released a joint statement citing that the slow pace of progress in finalizing the merger was the reason behind the unilateral agreement to discontinue the deal. Chairman and CEO of Publicis Groupe, Maurice Levy, also stated that Omnicom's proposal lacked the equality of the management teams, contrary to the specified terms of the initial agreement.
In a CNBC interview conducted in 2013, John Wren, CEO of Omnicom group expressed that the merger would create the resources and assets needed to compete in a rapidly changing market. Levy also commented that the merger would be an excellent combination for clients and a major means of competing against the internet giants. Internet companies, such as Google and YouTube, are now setting the pace for the communications industry.
The merger between Omincom and Publicis would have replaced their competitive rival, WPP, as the industry leader. It's estimated that Omnicom's and Publicis' combined annual revenues in 2013 equate to $24.1 billion which would have surpassed WPP's $17.2 billion. In response to news of the severed deal, Martin Sorrel, CEO of WPP, says, "John and Maurice wanted it as an opportunity to knock WPP off its perch." -pep boy.
In a CNBC interview conducted in 2013, John Wren, CEO of Omnicom group expressed that the merger would create the resources and assets needed to compete in a rapidly changing market. Levy also commented that the merger would be an excellent combination for clients and a major means of competing against the internet giants. Internet companies, such as Google and YouTube, are now setting the pace for the communications industry.
The merger between Omincom and Publicis would have replaced their competitive rival, WPP, as the industry leader. It's estimated that Omnicom's and Publicis' combined annual revenues in 2013 equate to $24.1 billion which would have surpassed WPP's $17.2 billion. In response to news of the severed deal, Martin Sorrel, CEO of WPP, says, "John and Maurice wanted it as an opportunity to knock WPP off its perch." -pep boy.
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