L'Oreal readies $2B global review

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[London] L'Oreal is planning a $2 billion global media review later this year and may make changes in 2006, according to agency executives familiar with the company. Most of L'Oreal's media business is split between Publicis Groupe's ZenithOptimedia and Universal McCann, owned by Interpublic Group of Cos. Media executives said L'Oreal has not yet formally approached agencies about a pitch and that review plans may have been touched off by Nestle's recent media review of 14 major countries, which ended with Nestle moving its business on a country-by-country basis to either Publicis Groupe's ZenithOptimedia or WPP Group's MindShare. Nestle owns 49% of a holding company that controls L'Oreal. L'Oreal did not return calls.