ADVERTISING giant WPP yesterday announced the latest in a string of acquisitions, spending some of its £200m war chest on a majority stake in Indian agency Mindset Advertising.
Mindset’s client roster includes Pepsi, Airtel and ADP, and the company posted revenues of £719,000 for last year, with assets of £606,319.
The acquisition means that WPP now owns five of India’s top 10 advertising agencies, and employs around 9,000 people in the company.
Shares in WPP, led by Martin Sorrell, fell more than three per cent during trading yesterday, as investors reacted to its latest splurge on top of a note from Morgan Stanley, which downgraded the group from overweight to equal weight.
The broker says it sees tough comparatives as we move into the second-half of 2011 and WPP’s ad agency peers have already begun cutting global ad forecasts.