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Interpublic to buy True North for $2.1 billion in stock

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New York--In move that further consolidates the advertising industry, The Interpublic Group of Cos. Inc., the third-largest advertising company, said Monday it has agreed to buy rival agency True North Communications Inc. for $4.2 billion in stock. The purchase of Chicago-based True North would give Interpublic control of the FCB Worldwide and Bozell Group ad agencies. Interpublic, which also owns McCann-Erickson WorldGroup, is offering 1.14 shares, valued at $40.24, for each True North share. True North became a takeover target when it lost the DaimlerChrysler AG account to Omnicom Group Inc.'s BBDO agency.
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