Grupo ABC in negotiations to sell control to WPP
Nizan Guanaes, who controls Sao Paulo-based advertising and media firm Grupo ABC, received a proposal from WPP CEO Martin Sorrell to sell control of the Brazilian company to the listed British media concern, newsweekly Veja reported in its current issue without giving a source. Guanaes denies there are negotiations, the magazine reported.
Under the negotiations on the table, WPP would get 60% control though Guanaes would continue to manage the business, large circulation Veja reported.
The supposed negotiations involve all the agencies of Grupo ABC except for advertising agency DM9, according to the unsourced report.
Veja