EU gives nod to WPP's Y&R purchase

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BRUSSELS--The European Union Commission said Aug. 25 it has approved, as expected, the acquisition of ad agency Young & Rubicam by the WPP Group.

The Commission said in a statement that the combined strength of Y&R and the WPP Group accounts for less than 30% of the European market for advertising services, and on average less than 15% of the media buying markets in each EU country.

"The combined entity will have to compete against numerous agencies in all the European markets," the Commission said.

WPP and Y&R signed the takeover deal on May 11.

The European Commission examines all large concentrations that trade inside the EU. This deal was cleared after a routine one month examination. No in-depth investigation was deemed necessary.

Copyright August 2000, Crain Communications Inc.

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