SEC Query Delays Shareholder Vote on Bcom3-Publicis Merger

31 July 2002

Technical difference between French and US accounting regulations have delayed the Security and Exchange Commission’s review of the planned takeover of US agency holding company Bcom3 Group by Publicis Groupe.

Undeterred, Bcom3 chairman-ceo Roger Haupt told shareholders: “Our goal is to have the prospectus in your hands in August and a vote in September, but we obviously can't control the response rate of the SEC. We're optimistic that the deal will close in September.”

The acquisition, which also involves Dentsu of Japan, was approved by Publicis shareholders and the European Commission in June, the final inking being expected the same month – but the timing was torpedoed by the SEC’s decision to launch a full review and the subsequent accounting disparity.

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