Digest

WPP’s planned takeover of Young & Rubicam is off, at least for the moment, according to sources familiar with the situation.

WPP’s planned takeover of Young & Rubicam is off, at least for the moment, according to sources familiar with the situation. The deal has foundered on two stumbling blocks, according to these sources. First, change of control conditions which were introduced in January after initial talks had taken place. These would have cost an estimated $60m (&£37.5m) to implement, but more importantly made the acquired company very difficult to manage. The second problem is said to be the implacable opposition of Y&R chief executive Tom Bell to a deal. Bell became chief executive at the beginning of the year.

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