Sir Martin Sorrell, the chief executive of the world’s biggest advertising agency holding group WPP, has reacted quickly to the news this Monday morning that rival Publicis Groupe is acquiring digital advertising company Sapient for $US3.7 billion.
He told Business Insider: “It looks like the behaviour of a jilted lover. Christmas came early for Sapient shareholders.”
Sorrell is referring to Publicis’ failed $US35 billion merger with Omnicom, which was due to create the world’s largest advertising group, overtaking WPP, but collapsed in May this year.
Last month on Publicis Groupe’s Q3 earnings call, the company’s chief executive Maurice Levy admitted his company’s poor results in the quarter were his fault for being distracted by the doomed Omnicom merger. He also admitted Publicis was the more interested party in the plans than Omnicom, a company he said was more keen on a takeover than a merger.
This story is developing, please click here to refresh the page.
Business Insider Emails & Alerts
Site highlights each day to your inbox.