Shareholders of privately owned Bcom3 approved the deal Sept. 20, paving the way for shareholder Dentsu to invest $498.7 million in cash in Chicago-based Bcom3 and then for France's Publicis to buy Bcom3. The transaction will give Japan's Dentsu a 15% stake in Publicis, which will be the No. 4 agency holding company.
Buyout price drops
Publicis' Bcom3 buyout
Mr. Haupt becomes Publicis president-chief operating officer under Chairman-CEO Maurice Levy. Most of the 75 to 80 Bcom3 corporate staffers are expected to be gone within weeks.
"Maurice Levy is famous for working with a very thin corporate structure," a Bcom3 spokeswoman said.
In an internal posting to the Publicis Web site Sept. 4, Mr. Levy said: "No massive layoffs are planned but simply necessary staff adjustments further to the pooling of administrative functions."