Publicis, Omnicom to merge to create ad giant

PARIS, July 28 Sun Jul 28, 2013 8:04am EDT

PARIS, July 28 (Reuters) - Publicis and Omnicom unveiled plans to merge the French and U.S. companies on Sunday to create the world's biggest advertising group, worth $35.1 billion.

Publicis and Omnicom shareholders will each hold approximately 50 percent of the new company's equity in the deal, which the companies presented as a "merger of equals".

Publicis said the transaction was expected to create "significant value for shareholders", with expected synergies of $500 million. The merged group would keep its head offices in Paris and New York, it added.

Publicis said the deal, which had been unanimously approved by the boards of both companies, was expected to close in the fourth quarter of 2013 or the first quarter of 2014.

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