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Investing.com -- Australia’s competition regulator has approved Omnicom Group Inc (NYSE:OMC)’s proposed acquisition of The Interpublic Group of Companies Inc (NYSE:IPG).
The Australian Competition and Consumer Commission (ACCC) determined that the deal between the two large multinational advertising and communications service providers would not substantially lessen competition in the market.
"Our investigation found that while the proposed acquisition would result in an increase in the parties’ combined market share, other suppliers of media buying and marketing and communications services would continue to effectively compete with Omnicom after the acquisition," ACCC Commissioner Dr Philip Williams said.
In Australia, Omnicom operates through brands including DDB, TBWA, OMD Worldwide, PHD Media, Clemenger Group and Hearts & Science. Interpublic’s Australian presence includes IPG Mediabrands, Universal McCann (UM), Initiative, 303 MullenLowe and Octagon.
The ACCC’s investigation concluded that major competitors such as WPP (LON:WPP), Publicis and Dentsu would maintain effective competition in the market following the acquisition, alongside smaller independent service providers.
Both companies provide a range of advertising, media and communications services globally, including media buying and marketing services.
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