WPP has bought a 14.4% share in its former rival, CIA Group. WPP is now the largest single share holder in CIA. The £13.5 million stake could mean that the two groups will work together to buy advertising space. It also leaves CIA open to a takeover bid from WPP. Although WPP stress that the acquisition is viewed as an investment, some observers see it as the first move in a plan for a full bid. Under the terms of the sale, WPP cannot initiate a takeover for at least a year.
CIA’s shares leapt 14p to 174.5p on the news of the investment.
WPP: 0171 406 2204
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