Cordiant buys majority stake in Argentinean agency

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BUENOS AIRES -- Cordiant Communications Group has bought an additional 75% of ad agency Verdino Bates, bringing its shareholding to 90%.

Buenos Aires-based Verdino Bates claims billings of around $7.7 million from clients including Shell, Ralston Purina and Kimberly-Clark.

The acquisition of the majority interest in Verdino is part of CCG's strategy to further its stakeholdings in Latin America, where it now has 12 affiliate offices and two equity holdings.

"Bringing Verdino Bates fully into the group is an important step in building CCG's equity presence in Latin America and forms part of our strategy to strengthen and enhance local operations in key markets around the world," says Michael Bungey, CEO of CCG and Chairman of Bates Worldwide.

Copyright October 1998, Crain Communications Inc.

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