WPP: buys remaining stake in Australian unit

(CercleFinance.com) - British advertising giant WPP is buying the remaining stake in its Australian and New Zealand unit as part of a strategy to simplify its structure.


WPP - which currently holds a stake of approximately 61.5% of the share capital - has submitted a proposal to the board of WPP AUNZ to pursue an acquisition of the remaining 38.5% stake, it said.

The offer, made at a premium of approximately 34% over the shares, which are listed on the Australian Securities Exchange, should result in 100% ownership and full control of the Australian and New Zealand operations, WPP pointed out.

The total price for the remaining stake is expected to around 181 million Australian dollars, or about 112 million euros.

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