By George Glover
Omnicom Group agreed to buy Interpublic Group of Cos. in a stock-for-stock transaction, creating the world's largest advertising agency.
Under the terms of the deal, Omnicom shareholders will own 60.6% of a new combined company. Interpublic shareholders will own 39.4%.
The Wall Street Journal had reported late Sunday that talks between the two agencies were at an advanced stage.
Interpublic shares jumped 15.4% to $33.77 ahead of Monday's opening bell. Omnicom stock slipped 2.4% to $100.98.
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(END) Dow Jones Newswires
December 09, 2024 07:57 ET (12:57 GMT)
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