INTERPUBLIC CLEARS HURDLE IN TRUE NORTH PURCHASE

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(May 21, 2001) -- The acquisition of True North Communications by Interpublic Group of Cos. cleared a regulatory hurdle when the deadline for filing antitrust objections with federal authorities passed without comment.

The $2.34 billion deal, announced March 19, is still subject to approval by European union authorities and by True North's shareholders. True North's management has scheduled a June 19 meeting for the shareholders vote. The deal is expected to close this summer. -- Mercedes Cardona

Copyright May 2001, Crain Communications Inc.

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