Troubled advertising agency, GGT Group, is in talks with US media giant Omnicom which may see Omnicom performing a £150 million takeover.
The loss of the £80 million Procter & Gamble account for GGT’s US arm Wells BDDP (subscribers see GGT Rocked By P&G Loss), has sent the Group’s share price tumbling and has prompted the talks with Omnicom. Omnicom is interested in expanding its European interests and a buy-out of GGT Group would allow a base on which to build.
It is reported the Group will make an announcement very soon.
GGT’s shares closed at 132˝p on Friday 23 January, down from 203˝p the previous Friday.
GGT Group: 0171 437 0434
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