WPP DEAL FOR CORDIANT SAID TO BE CLOSE

LONDON (AdAge.com) -- WPP Group is seen as the lead contender to acquire Cordiant Communications Group and could announce a deal early this week that would mark the end of Cordiant's Bates agency as a separate network. If shareholders accept the WPP offer, Related Stories: CORDIANT CONTINUES TO SHED UNITS Sells Scholz & Friends for $25 Million as WPP Prepares Bid Failed ouster On June 13, U.K.-based Cordiant shareholder Active Value, which has opposed a sale and tried to oust Cordiant's management and install its own team, upped its Cordiant stake to 16.75% from 14.1%. Cordiant also confirmed the sale of its 77.3% stake in European network Scholz & Friends to management and venture capital firm Electra European Fund.

WPP DEAL FOR CORDIANT SAID TO BE CLOSE

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