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Investing.com -- Interpublic Group of Companies Inc (NYSE:IPG) stock rose 3.8% while Omnicom Group Inc (NYSE:OMC) gained 1.7% after the companies announced that the U.S. Federal Trade Commission has concluded its antitrust review of Omnicom’s proposed acquisition of Interpublic.
The regulatory body reached a mutually acceptable consent order with both companies, marking a significant step forward in the proposed merger. This development removes a key hurdle for the transaction, which is still expected to close in the second half of this year as initially anticipated.
"We are delighted that our transaction with Interpublic has cleared this significant regulatory hurdle," said John Wren, Chairman & CEO of Omnicom. "This is an important step toward the completion of the proposed acquisition and creating a new era in which we help clients grow with a comprehensive range of marketing and sales solutions, incorporating both creativity and technology."
Interpublic CEO Philippe Krakowsky noted that the FTC clearance represents "a notable step forward in the process of combining our companies and their deep pools of talent, complementary capabilities, and geographic strengths."
The companies still need to obtain remaining regulatory approvals before finalizing the deal. When complete, the merger aims to position the combined entity to better meet client needs in a consumer and media landscape increasingly shaped by technology and data.
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