Re ZenithOptimedia
August 20 2003 - 5:18AM
UK Regulatory
RNS Number:8619O
WPP Group PLC
20 August 2003
For Immediate Release 20 August 2003
WPP
Cordiant equity stake in ZenithOptimedia
WPP Group plc ("WPP") confirms that it has sold its 25% shareholding in
ZenithOptimedia, acquired as part of the Cordiant Communications Group plc
transaction.
The equity interest has been sold to Publicis Groupe SA at a price of #75
million in accordance with Publicis Groupe SA's contractual obligation. WPP,
through Cordiant, currently retains equity interests in Zenith franchises in
nine countries, covering Hong Kong, Malaysia, Indo-China, Argentina, Greece,
Norway, India, Australia and Lebanon, and has trading relationships in another
fourteen markets where Zenith has franchises.
ZenithOptimedia's audited revenues and post-tax profits for 2002 were #148m and
#13m respectively.
Recent disposals by Cordiant in the last two months now total #160m. This
compares with a pre-disposal net debt level of #235m.
For further information, please contact:
Feona McEwan, WPP
+44 20 7408 2204
This information is provided by RNS
The company news service from the London Stock Exchange
END
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