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NEW YORK WPP Group on Thursday said it has reached an agreement to purchase troubled rival Cordiant Communica-
tions Group. WPP said it will make a share offering of approximately $170 million to fund the acquisition.
CCG shareholders will receive about 2.4 pence per share; the total cost of the acquisition is 266 million pounds, or approximtaley $445 million, based on the current rate of exchange.
Pending shareholder approval, the transaction could be completed by the end of July.
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