On Q1 Earnings Call, Omnicom's Wren Addresses Merger Concerns

Cites tax residency issues

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While Omnicom reported first-quarter worldwide revenue rose 3 percent, the real news in the company’s call with investors was its cautious outlook about the merger prospects with Publicis Groupe.

Omnicom chief John Wren cited current difficulties in attaining U.K. tax residency for the combined Netherlands-headquartered company, which is a requirement in making the merger tax-free to Omnicom and its shareholders as well as Publicis and its investors. Wren said that should the two companies be unable to get those approvals, it could impact their ability to meet the conditions of the merger deal.

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