Business Services Industry
STW runs own race - for now.
Australasian Business Intelligence, June, 2007
Byline: Neil Shoebridge
Jun 03, 2007 (The Australian Financial Review - ABIX via COMTEX) -- Australian advertising group STW Communications remains majority-owned by its local management team. This is despite founder John Singleton divesting his final stake in the company for $A53m and global industry major WPP showing keen interest in expanding its holding of 14.5. The latter is also engaged in a number of joint ventures with STW, such as JWT and Singleton, Ogilvy & Mather. Industry insiders as well as fund managers with stakes in STW are tipping that WPP CEO Martin Sorrell will move to gain control of the Australian group by mid-2008 at the latest, and merge it with its stable of other advertising and media buying firms in the domestic sector. He may however...
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