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GfK Approves Format Change; Hints at Merger Timetable
GfK's proposed 'merger of equals' with TNS could take place this year or early next, according to comments from CEO Klaus Wuebbenhorst at the German-based firm's AGM yesterday. Meanwhile shareholders voted overwhelmingly in favour of converting GfK to a European 'SE' style company.
Wuebbenhorst said that as yet there were 'no further detailed future conclusions' from merger talks, but that the proposed union could 'theoretically' happen before the company's conversion to a European stock company, first announced in DRNO in March and due to take place early next year. Shareholders approved near-unanimously (97%+) the conversion resolution, proposed by the Supervisory and Management Boards.
The two MR giants first announced their talks in April, since when TNS has rebuffed two offers (here and here) from Martin Sorrell, CEO of rival firm WPP.
Web sites: www.gfk.com and www.tns-global.com .
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