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Last Updated: Friday, 25 November 2005, 12:13 GMT
WPP ditches plans for Aegis bid
WPP chief executive Sir Martin Sorrell
WPP, led by Sir Martin, is the world's second largest advertising firm
The advertising giant, WPP, has dropped its plans to take over UK rival Aegis, ahead of a deadline for any bid.

WPP had been considering a joint offer for Aegis with private equity firm Hellman & Friedman.

The UK Takeover Panel had given the two until midday on 25 November to submit an offer.

Companies owned by media agency Aegis specialise in buying advertising space and planning marketing campaigns for their clients.

After the announcement, Aegis shares fell 3.3% while WPP shares gained 2%.

"WPP announces that it has no intention to make an offer for Aegis," the group said in a statement to the London Stock Exchange.

Last month, the WPP chief executive, Sir Martin Sorrell, said Aegis had not supplied enough information for his company to make any decision on a bid.




SEE ALSO:
WPP revenues rise as it mulls bid
28 Oct 05 |  Business
WPP considering Aegis bid offer
14 Oct 05 |  Business
Aegis gets 1.57bn takeover bid
21 Sep 05 |  Business
Ad giant WPP boosts market share
26 Aug 05 |  Business
WPP confident on rising revenues
27 Jun 05 |  Business


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