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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.
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