Omnicom wins as Citic Guoan cuts WPP ties
Omnicom Group has inked a strategic partnership with Chinese giant Citic Guoan, in a move that will see the merger of DDB China with Beijing Guoan Advertising Corp. The move marks the termination of Beijing Guoan's 14-year joint venture with Grey. <BR> <BR> The new entity, DDB Guoan Communications, will be headed by Citic Guoan executive vice chairman Yan Gang, who takes on a role of chairman. DDB China president and CEO Dick van Motman bceomes CEO. The agency will be headquartered in Beijing, with offices in Shanghai and Guangzhou - and Omnicom will own a majority of its shares. <BR> <BR> Citic Guoan is a division of the Citic Group, overseeing over 75 companies in China and controlling more than US$2.2 billion in assets.
