LONDON: WPP Group plc has seized control of troubled smaller rival advertising firm Cordiant Communications Group plc, but jilted rivals and Cordiant’s largest shareholder may still be in a position to make WPP pay dearly.
WPP chief executive officer Martin Sorrell, one of the media sector’s most prolific dealmakers, topped France's Publicis Groupe SA and US hedge fund Cerberus Capital Management in a heated takeover battle, after WPP bought a majority of Cordiant’s debt and offered pittance to shareholders.
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