Advertising titan WPP, led by Sir Martin Sorrell, has acquired a 49% stake in Chinese peer Nanjing Yindu Advertising and Commerco Co for an undisclosed sum.
The acquisition was made through WPP's advertising and marketing business Ogilvy & Mather and expands this unit's reach into the "crucial" region of Yangtza River Delta.
"In strengthening Ogilvy's offering, as it does, in second-tier cities this initiative underlines WPP's regional approach in China, not confined to the coastal region," the statement said.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Yindu, which employs 250 people, had gross assets of RMB57.8m at 31 December 2010 and had reported billings for 2010 of RMB428.5m.
China, one of the fastest growth markets for WPP, is the firm's fourth largest market with revenues of $1.1bn.
BC
-
Will UK inflation rise tomorrow ahead of BoE meeting?August’s inflation report will be published at 7am tomorrow, one day before the Bank of England’s next rate-setting meeting
-
Thousands of savers with £250k pensions take cash over tax-free money and IHT fearsWith a record £70 billion withdrawn from pensions in the year to March, experts are concerned savers are making knee-jerk decisions without advice that could affect their long term wealth
