Grey buys all of Grey Daiko

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Grey Advertising, New York, said it acquired full ownership of Grey Daiko, Tokyo, its joint venture with Daiko Advertising, Japan's fifth-largest agency. Grey purchased the remaining 40.9% stake of its Japanese partner to make Grey Daiko a wholly owned subsidiary. The parent said Grey Daiko, with 1998 billings of $134 million, becomes one of the largest Western-owned ad agencies in Japan. Its client roster includes AIG; Brown & Williamson Tobacco Corp.; Danone; Dell Computer Corp.; Mars Inc.; Procter & Gamble Co., including Hugo Boss and Giorgio Beverly Hills fragrances; and SmithKline Beecham.

Copyright August 1999, Crain Communications Inc.

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