NEW YORK At an extraordinary shareholders meeting on Saturday, Cordiant Communica-
tions Group's investors approved the distressed company's plans to sell its 70 percent stake in its Australian operations, The Communica-
tions Group, and its 77 percent holding in German agency network Scholz & Friends. The transactions are expected to generate $94 million.
Dissident fund managers Active Value, CCG's largest shareholder with over 26 percent holding, signed off on the transaction.
Only seven small investors actually attended the meeting, held at CCG's offices. They were nearly matched by the six journalists who showed up for what turned out to be an uneventful session.
London-based CCG, parent to Bates, has agreed to be purchased by WPP Group. Active Value, however, has been steadily gobbling up CCG shares and now owns nearly 27 percent of the company, enough to block WPP's bid.