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WPP’s Ogilvy & Mather to take full ownership of joint ventures in Shanghai

ogilvyWPP’s Ogilvy & Mather is to take full ownership of its joint ventures in Shanghai.

The acquisitions will see the network acquire the remaining 25 per cent and 15 per cent stakes in Shanghai Ogilvy & Mather Advertising and Shanghai Ogilvy & Mather Marketing Communications Consulting Co Ltd respectively. The joint ventures had been with Shanghai Advertising Limited.

In a statement, WPP said the acquisition demonstrates its “strategy and commitment to investing in important markets and sectors”. Collectively, WPP companies (including associates) in Greater China generate revenues of $1.6 billion and employ 14,000 people.

Shanghai Ogilvy & Mather Advertising was founded in 1991 and employs around 520 people. The agency’s gross revenues for the year ending 2015 were RMB 633.2 million ($91.7 million) with gross assets of RMB 466.3 million ($67.5 million) for the same period.

Its sister company Shanghai Ogilvy & Mather Marketing Communications Consulting Co. Ltd was founded six years later in 1997 and employs 450 people. Its revenues for the 2015 were RMB 575.8 million ($83.3 million) with gross assets of RMB 416.9 million ($60.3 million) for the same period.

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