A syndicate of 20 banks is planning to sell almost all its shares in WPP, the advertising group which includes JWT and O&M. The £200m placing is to be carried out this autumn.
The banks received the shares as part of a £176m debt-for-equity swap two years ago when WPP ran into financial difficulties. The placing price of the shares is yet to be finalised, although the price is likely to be fixed at a significant discount to WPP’s market price. The placing is expected to attract considerable interest.
WPP is expected to report a strong improvement in first half profits on August 10.
Media Jobs
Hello. We have downloaded cookies on your device. Some of these cookies are essential for the website to function. Others are non-essential and are used for analytics and advertising.
We need your consent for these types of cookies.
To withdraw your consent or change your cookie choices, please do this through your browser settings.
Otherwise, click OK to accept and continue.
