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