Shareholders vote Dec. 11 on merging Publicis SA, Paris, with Publicis Communications, currently a privately owned subsidiary. True North Communications, Chicago, said it won't use its votes to block the merger. True North CEO Bruce Mason said in a statement that the merger allows True North to "finally exit the acrimonious relationship with Publicis." Publicis and True North still have some unfinished business, though, with the London Court of International Arbitration. True North has submitted its case regarding the value of its Publicis Communications stock, claiming its worth is more than was allowed for in the merger of Publicis Communications and Publicis SA. The case is scheduled to be heard during the week of Feb. 1; True North said it will rely on the court's decision for monetary damages.
Copyright December 1998, Crain Communications Inc.