The proposed $35 billion merger between U.S.-based Omnicom Group Inc and France's Publicis Groupe SA has been called off as the obstacles to moulding the two rivals into the world's largest advertising agency proved too much.The deal, heralded in July as a merger of equals that would enable the two agencies to compete more effectively in the digital arena, foundered on issues ranging from its complex tax structure to the firms' divergent cultures. The two sides were also losing major clients - more than $1.5 billion in the past month alone - and did not want to let the uncertainty continue."There was no one factor," Omnicom Chief Executive John Wren, 61, told Reuters."There are a lot of complex issues we haven't resolved. There are strong corporate cultures in both companies that delayed us for reaching an agreement. There was no clear finish line in sight, and uncertainty is never a good thing when you are in the personal service business."
The Finish Line, Inc. together with its subsidiaries, is a mall-based specialty retailers in the United States, and operates two retail divisions under the Finish Line brand name (Finish Line) and Running Specialty Group (Running Specialty). Shares of FINL traded higher by 1.0% or $0.28/share to $28.24. In the past year, the shares have traded as low as $20.47 and as high as $28.88. On average, 705455 shares of FINL exchange hands on a given day and today's volume is recorded at 543274.
Omnicom Group Inc. (Omnicom) is a holding company, providing professional services to clients through multiple agencies. Shares of OMC traded higher by 0.64% or $0.42/share to $66.20. In the past year, the shares have traded as low as $59.70 and as high as $76.87. On average, 1642330 shares of OMC exchange hands on a given day and today's volume is recorded at 1108131.
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