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Omnicom Group CEO John Wren acknowledged this morning that the corporate differences between his company and Publicis Groupe were greater than he expected, as he explained to industry analysts why the two companies won't merge after all.
"We knew that there would be differences in the corporate cultures of Omnicom and Publicis. That is to be expected any time strong management teams are coming together," Wren said. "But I know now that we had underestimated the depth of these differences.