There's good news and middling news at WPP Group's MindShare.

The (extremely) good news is that the agency has won Unilever's €1 billion ($1.29bn; £696.8m) European media planning and buying business from former incumbents Initiative and Carat.

The (not so) good news is that the household products and foods giant reportedly aims to achieve annual expenditure savings equivalent to €120m - without a concomitant dilution of brand exposure.

Read Tom Gordijn's lips. The Unilever executive is unusually frank: "It is clear that we are seeking to get services at a lower price, but as we said in September, we intend to step up our advertising spending. I cannot say how much we are going to spend, but it is clear that for a company of brands like Unilever, marketing and advertising is very important."

The business which covers fifteen European markets is, according to MindShare, the "largest single account move in the history of the European media business".

It will also demand the building of some extra-thick Chinese walls, given that WPP's recently acquired Grey Global Group also handles substantial tranches of business for bitter rival Procter & Gamble.

Data sourced from; additional content by WARC staff