Grey attracts

14 Jul 2004 By Bill McIntosh

A deal would add yet another network to WPP s constellation of advertising agency brands. But Grey looks expensive. WPP will need to find big cost savings to make a deal stack up.

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WPP Group, the advertising and marketing services firm, is to begin due diligence next week at Grey Global Group, says a person familiar with the matter.

That follows the withdrawal of Publicis from making a bid for Grey, according to newspaper reports. Maurice Levy, the chairman of Publicis, told French daily Le Figaro that the advertising group's interests may not be served by an acquisition of Grey Global Group, a rival US advertising house.

Grey was put up for sale in late June when Ed Meyer, the 77year old chief executive, chairman and controlling shareholder, hired Goldman Sachs and JP Morgan to examine options.

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