The Saatchi & Saatchi name will return to the stock market later this year as part of plans announced on Monday to split British-based advertising holding company Cordiant Plc into three independently-run businesses.
International advertising agencies Saatchi & Saatchi and Bates group will go their separate ways under the Cordiant demerger, each having listings in London and New York. The pair will have joint ownership of media services group Zenith.
Having restored stability to the group, we could consider how best to further shareholder value, said Cordiant chief executive Bob Seelert, who will become Saatchi & Saatchi chief executive. This strategy is driven by the will to serve our clients better: demerger will energise the operators in the networks and unlock the considerable potential residing in our businesses, he added.
Initial market reaction to the news was positive, Cordiant shares adding 7p to 137p, valuing the company at around