Shareholders to Vote Sept. 20

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CHICAGO ( -- Bcom3 Group and Publicis Groupe today said the Securities and Exchange Commission in effect approved Publicis' acquisition of Bcom3.

The SEC does not actually issue an official "approval" document in such cases but rather indicates that it accepts both companies' submitted documents and will not take action to block the planned merger. Thus, the merger can move forward.

A Bcom3 shareholder vote is set for Sept. 20.

Close the deal
The companies expect to close the deal immediately following the voting, which will be held at Bcom3's Chicago headquarters.

The two holding companies on March 7 announced their plans to merge to create the world's fourth-largest advertising concern.

Last week, Bcom3 posted a 76% quarterly net income boost to $33.7 million on cost cutting and some new business despite a drop in billings from existing clients.

Trimming staff?
It is unclear whether Bcom3 will pursue other cost-cutting initiatives under its new ownership. Executives from both holding companies earlier said they may trim staff as they explore "synergies" between the two organizations.

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