Archive for 2003

Interpublic sells NFO just before bankers’ deadline

The announcement of the pending sale of NFO WorldGroup to Taylor Nelson Sofres came just 24 hours before the 15 May deadline set by The Interpublic Group of Companies’ banks for the withdrawal of... Read more

Cordiant cash crisis looks increasingly insoluble as rescue options diminish

The future of stricken Cordiant Communications Group looks increasingly in doubt as refinancing and rescue options appear to be diminishing by the hour. While the directors said they were... Read more

Now McCann moves CFO d’Angelo while Heekin finds a job at Havas

Having presided over most of the rise and fall of Cordiant Communications Group with Michael Bungey before jumping ship to become chief financial officer at the McCann Erickson WorldGroup subsidiary... Read more

Fat pay-offs in abundance for departing executives

Compensation payments to departed senior executives were in great abundance last year. Bill Whitehead’s departure from Bates US and the Cordiant Communications Group board - after David Hearn’s... Read more

Multinationals’ financing costs rise

Concerns about the financial stability of major groups have prompted changes to existing funding arrangements and higher interest charges. Net interest paid by The Interpublic Group of... Read more

Omnicom avoids interest and goodwill hit

Two of the biggest contributors to Omnicom Group’s impressive performance were the absence of any meaningful finance costs or of any goodwill amortisation or impairment provisions. The highly... Read more

Creston’s cautious bid for Nelson Bostock

An error in the terms of the deal described in a shareholders’ circular is unlikely to impede the Creston’s progress towards becoming a serious public company in the marketing services sector as... Read more

Hakuhodo-Mustoe deal worth c. £11m

The purchase of a 49% stake in Mustoe Merriman Levy Group Holdings by the second largest Japanese agency Hakuhodo could be worth between £10 million and £12 million after taking into account the... Read more

Interpublic’s gearing still worrying after NFO sale offset by more write-offs

The financial fortunes of The Interpublic Group of Companies have taken another knock as the net assets of the group declined by $159 million in the nine months to 30 September and the ratio of... Read more

Incepta’s share issue puzzle over likely funding needs

Listed public relations consultancy Incepta Group’s plan to raise an extra £26 million of share capital has raised questions about its purpose. Without the issue, the group’s debt/equity ratio... Read more