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Chinese Delays Push Back Dentsu Aegis Deadline
Japanese advertising giant Dentsu has postponed the target completion date for its acquisition of Aegis, by one month to 28th March, following an agreement with the Chinese Ministry of Commerce, the only body yet to give its clearance for the deal to go through.
As long ago as November, the firms announced they had received all the necessary antitrust clearances apart from that of the Chinese body (MOFCOM - the Ministry of Commerce of the People's Republic of China). They now say discussions have 'proceeded constructively and are at an advanced stage', but that in light of the Chinese New Year holiday and the need for the review to be completed normally, they have agreed to extend the acquisition deadline from the original Feb 28th.
Dentsu has also announced its latest quarterly results, which it says are 'slightly below expectations', with a 6% revenue gain for the first nine months of its current fiscal year to about $3 billion with a net income gain of 50% to roughly $250 million. It expects full-year billings growth of c.2.5% and net income up c.53%.
Web sites: www.aegisplc.com and on www.dentsu.com .
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