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The Guardian - UK
The Guardian - UK
Business
Nick Fletcher

Hefty share-placing knocks Sorrell's WPP

Sir Martin Sorrell's advertising and marketing firm WPP - currently in the middle of a hostile £1.15bn cash and share offer for Taylor Nelson Sofres - has fallen 16.5p to 486.5p after a hefty share-placing.

Citigroup is said to be placing 26m shares at 486p each on behalf of an institutional seller, which represents about 2% of the company's market capitalisation.

WPP faces a rival for TNS in the form of German market research group GfK. The Germans called off an agreed merger with TNS after Sorrell's intervention but held out the prospect of making a bid for its UK rival.

Yesterday Sorrell called on GfK to make an offer or walk away. But today's share price fall is not exactly useful for his cause.

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