Publicis/Omnicom merger moves closer as it clears major regulatory hurdles in Turkey, India and Canada
The merger between Publicis and Omnicom, set to become the biggest in the history of advertising, has moved a step closer as the regulatory waiting period required under US anti-trust law has expired.
The merger was announced in July
The merger has been cleared by regulatory authorities in Canada, India and Turkey, although for it to be completed, it must be cleared by around 15 jurisdictions.
In a statement, Omnicom Group and the Publicis Groupe SA the receipt of approvals from regulatory authorities in Canada, India, and Turkey.
“These clearances follow previously disclosed approvals in South Africa and South Korea,” the group said.
“The expiration of the… review period in the U.S. and the approvals received in other jurisdictions satisfy some of the conditions necessary for the transaction to close.
“The merger is also subject to additional global regulatory approvals and approval by shareholders of both companies.”
The proposed merger deal was announced in July at a conference hosted by joint CEOs John Wren of Omnicom and Maurice Levy of Publicis who will work together for the first 30 months, before Levy steps back.