Two Cordiant networks split

Published on .

The two networks within Cordiant Plc. officially separated today, when trading began on Cordiant Communications Group, parent of Bates Worldwide, and its sister company, Saatchi & Saatchi. CCG shares closed at $8.9375 on the New York Stock Exchange, down from the opening price of $9.25, while Saatchi closed at $9.375, up slightly from the $9.25 opening price.

Trading on CCG was heavy, with approximately 139,000 shares changing hands, while trading on Saatchi stock was closer to the norm, with some 16,000 shares traded. CCG has been considered to be a takeover target in the months leading to the demerger, and heads of several competing holding companies have hinted they might be interested in the company after the demerger was complete.

Copyright December 1997, Crain Communications Inc.

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