Cordiant cleared for Bates, Saatchi split

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British authorities cleared Cordiant to complete the split-up of Bates Worldwide and Saatchi & Saatchi Worldwide. The U.K.'s High Court approved Cordiant's plan to transfer nearly $549 million worth of capital to Saatchi & Saatchi, one of the two holding companies that emerge as part of the deal. The stock of Saatchi and the new Bates parent, Cordiant Communications Group, will begin trading separately in London and New York Dec. 15.

Copyright November 1997, Crain Communications Inc.

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