M&C Saatchi sets plans for IPO

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[London] Independent agency network M&C Saatchi is planning an initial public offering on the London Stock Market this year, floating a minority stake in the agency to raise cash to open European offices in France, Germany, Italy and Spain. The agency's five partners-including Maurice and Charles Saatchi-own about 75% of M&C Saatchi's 11 offices in the U.K., Asia and the U.S., and local managers own the rest. M&C Saatchi was started in 1995, after an acrimonious split between the Saatchi brothers and the Saatchi & Saatchi agency they founded. David Kershaw, one of M&C's five partners, said, "There is a lot of revenue out there that we have been excluded from because we don't have a European agency structure."