WPP looks to take full control of Australia, NZ operations

Advertising giant WPP has submitted a proposal to the board of WPP AUNZ to buy the remaining 38.5% stake in the company it does not already own as it looks to take full c ontrol of its operations in Australia and New Zealand.

WPP said on Monday that the acquisition is in line with its global strategy of simplifying its structure and will move the company to 100% ownership and control of its Australian and New Zealand operations.

The company has proposed AUD$0.55 per share in cash, which represents a premium of around 34.1% to the closing price of WPP AUNZ on 27 November. The total aggregate consideration payable by WPP for the remaining shares would be approximately AUD181m.

"The proposal has not yet been put to WPP AUNZ shareholders and there is no certainty that the acquisition will complete," WPP said.