GREY TAKES MAJORITY STAKE IN GERMAN BRAND AGENCY

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(July 19, 2001) DUESSELDORF -- Grey Global Group has acquired a majority stake in the Hamburg-based Michael Vagedes Emotional Brand Building agency. Financial terms were not disclosed.

A 25-strong agency, Vagedes posted a gross income of $3 million last year on the back of clients like Coca-Cola Co., mail-order house Otto, IBM Corp., Deutsche Bank and Gruner & Jahr.

According to Michael Vagedes, "With Grey in Germany we've found our dream partner because the international Grey network has integrated brand management."

"Michael Vagedes has an excellent reputation [especially given his work] with Deutsche Bank and Gruner & Jahr," said Bernd M. Michael, CEO and managing partner of Grey Global Group Middle Europe. "We expect increasing synergy effects for our mutual business." -- Dagmar Mussey

Copyright July 2001, Crain Communications Inc.

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