China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
WPP must bid for TNS by July 9 or go away
LONDON (Reuters) - Martin Sorrell's WPP Group Plc (WPP.L) must launch a formal bid for British market research group Taylor Nelson Sofres Plc TNS.L by July 9 or walk away, Britain's Takeover Panel said on Wednesday.
TNS has opened its books to WPP but would prefer a merger with German group GfK Holding AG (GFKG.DE).
TNS has so far rejected two proposals from WPP, the world's second-largest advertising and marketing group, as undervaluing the firm and its chairman, Donald Brydon, welcomed the "put up or shut up" ruling from the panel.
"WPP has had a substantial period of time to consider whether or not it intends to make a proposal that properly reflects the value of TNS ... shareholders deserve an end to this extensive period of uncertainty," he said in a statement.
The planned merger of TNS and GfK would create the world's second-biggest market research company, after AC Nielsen, worth around $4 billion.
WPP said it was continuing to monitor the situation.
TNS and GfK shareholders are due to meet on July 18 and July 21 respectively.
(Reporting by Ben Hirschler; Editing by Quentin Bryar and David Holmes)
