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Tuesday, April 22, 2014

Omnicom unable to say when Publicis merger will close, (NYSE: OMC)

Omnicom Group Inc, the No. 1 U.S. advertising company, said it was unable to predict when its $35.1 billion merger with France's Publicis Groupe SA would close as the deal was yet to win some key approvals.Omnicom's shares fell as much as 3.6 percent in early trade."At this point it's not practical to predict exactly when the transaction will close," Chief Executive John Wren said on Tuesday after the company reported better-than-expected quarterly revenue.Omnicom, which in October expected the merger to close in early 2014, said in February that the deal was likely to close "a little bit into the third quarter".

Omnicom Group Inc. (Omnicom) is a holding company, providing professional services to clients through multiple agencies. Shares of OMC fell by 1.52% or $-1.085/share to $70.40. In the past year, the shares have traded as low as $58.47 and as high as $76.87. On average, 1552170 shares of OMC exchange hands on a given day and today's volume is recorded at 1598289.



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