Publicis-Omnicom Merger Falls Through

PARIS/NEW YORK: The proposed $35 billion merger between the rival ad agencies Publicis Groupe and Omnicom Group has been called off.

The so-called "merger of equals" was terminated by mutual agreement, according to a joint statement released by the companies. They cite difficulties in completing the transaction within a reasonable timeframe.

"The challenges that still remained to be overcome, in addition to the slow pace of progress, created a level of uncertainty detrimental to the interests of both groups and their employees, clients and shareholders," said Maurice Lévy, the chairman and CEO of Publicis, and John Wren, the president and CEO of Omnicom. "We have thus jointly decided to proceed along our independent paths. We, of course, remain competitors, but maintain a great respect for one another."