Publicis shareholders OK Saatchi deal

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Publicis shareholders voted unanimously Aug. 29 to approve its planned acquisition of Saatchi & Saatchi. The deal was approved Aug. 16 by Saatchi & Saatchi shareholders, and is expected to be finalized Sept. 12 with an exchange of shares between the two companies. The friendly takeover, valued at nearly $2 billion, was announced last June and will create the world's fifth-largest consolidated advertising network. Shareholders also voted a 10-for-1 stock split, effective Sept. 7, a limited capital increase and a formal name change, to Publicis Groupe from Publicis, meant to reflect the new profile of the company, which will consist of several independent networks. Saatchi & Saatchi Chairman Robert Seelert was made a member of the Publicis Groupe supervisory board.

Copyright August 2000, Crain Communications Inc.

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