Saatchi & Saatchi, London, said June 19 it has received an approach that may result in a merger offer being made for the company. A spokesman for the agency network declined to say who made the approach or when it occurred. The suitor may be French agency holding company Publicis, which was rebuffed in its recent effort to acquire Young & Rubicam, New York. Following Saatchi's announcement of a possible merger bid, Publicis said it would hold a meeting for reporters June 20 where it would have "exceptional" news. A spokeswoman declined further comment. Other media reports said June 19 that Publicis would announce an all-stock offer to acquire Saatchi fore more than $1.5 billion. Publicis Chairman-CEO Maurice Levy said on a French TV news program last month that "other acquisitions are in view" for his company. Saatchi's stock had jumped by more than 30% by midafternoon to $33.06.
Copyright June 2000, Crain Communications Inc.