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Saatchi Shares Rise on Takeover Rumors

April 02, 1998|Bloomberg News

Saatchi & Saatchi's shares have risen by 54% in recent months, driven by speculation that the British advertising and marketing company is the target of a takeover bid by France's Havas Advertising. Saatchi was spun off in December by Cordiant, which later was renamed Cordiant Communications Group. Havas wants to acquire a partner that would help reinforce its competitive position in the U.S., where most global advertising accounts are awarded. More than 80% of Saatchi's sales come from the New York-based Saatchi & Saatchi Worldwide advertising network. Saatchi and Cordiant are "rumored to have more of a future as part of a larger group than independently," said Brendan Hoey, analyst at Paribas Capital Markets in London.

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