Wachtell, Davis Polk, Counsel Advertising Company Merger
In a deal valued at about $3 billion, Paris-based advertising conglomerate Publicis Groupe SA announced last week that it would merge with Chicago-based communications advertising specialist Bcom3 Group Inc. to create the world’s fourth-largest advertising business. Under the terms of the agreement, Tokyo-based advertiser Dentsu, Inc., which owns 21 percent of Bcom3, will trade its stake for 15 percent of Publicis. Dentsu and Publicis have also agreed to a strategic alliance in which each company’s clients can take advantage of the other’s services. Such an alliance was part of Dentsu’s relationship with Bcom3. Dentsu and Publicis expect to engage in joint development projects, particularly in the area of sports marketing, which is a specialty of Dentsu. The Japanese company will also be represented with two seats on Publicis’ supervisory board.
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