FCB Revives Sydney Unit With Shop Buyout

SYDNEY – Foote, Cone & Belding has revived itself here with the purchase of 18-year-old shop Magnus Nankervis & Curl for an estimated $7 million. The 100% buyout of the $35-million agency includes the purchase of MNC’s shops in Hong Kong and Bangkok. FCB and MNC will form Magnus Nankervis & Curl/FCB, with billings expected to total $48 million. The shop will be staffed in Sydney by about 45 people. The move will give FCB much needed personnel and clients, as the multinational has been operating leanly here since it merged most of its business with Mojo four months ago. To add to FCB’s revitalizing win in April of the $16-million Indonesian Tourism account (ADWEEK, April 26), MNC will bring with it such clients as Reckitt & Coleman and Thai Airways.
Copyright Adweek L.P. (1993)