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WPP offers around £100m to acquire remaining shares in Australia, NZ business
StockMarketWire.com
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Advertising company WPP said it had submitted a proposal to acquire the shares in Australia and New Zealand operations that it didn't already own for around A$181 million (£100 million).
WPP said it currently owned around 61.5% of the Sydney-listed business, for which it had offered A$0.55 per outstanding share in cash, representing a 34% premium to the shares' closing price on Friday.
'The proposed acquisition is in line with WPP's global strategy of simplifying its structure and will move WPP to 100% ownership and control of its Australian and New Zealand operations,' the company said.
Story provided by StockMarketWire.com
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