WPP ruling out mega mergers for time being
<p>HONG KONG: WPP, one of the biggest agency networks in the world, says </p><p>further large-scale acquisitions are unlikely until better economic </p><p>conditions prevail. </p><p><BR><BR> </p><p>The statement by CEO Sir Martin Sorrell during a recent visit to Hong </p><p>Kong came just months after rival Interpublic Group purchased True North </p><p>and a year after WPP purchased Y&R. </p><p><BR><BR> </p><p>However, he says that the group will continue to undertake small and </p><p>medium sized acquisitions. </p><p><BR><BR> </p><p>"We'll do it if it deepens a functional or geographic strength or </p><p>repairs a weakness," Sorrell said. </p><p><BR><BR> </p><p>Sorrell said that the group had budgeted a seven per cent growth for the </p><p>year. He also said that he wanted to accelerate Asia and Latin America's </p><p>revenue growth to account for 30 per cent of WPP's revenue well within </p><p>the next 10 years, partly through acquisitions. The two regions </p><p>currently account for 20 per cent of total group revenue. </p><p><BR><BR> </p>