Global advertising group the UK-based WPP plc has finally taken full control of its Australian operations.
WPP plc from today holds 100% of the shares on issue in WPP AUNZ, according to an announcement to the ASX.
The local company is expected to be formally delisted from the ASX tomorrow. Shares in WPP AUNZ were suspended from the ASX last month.
Local board directors Kim Anderson, Graham Cubbin and Robert Mactier have resigned from WPP AUNZ.
WPP plc, the world's biggest advertising company, paid about $230 million to buy the 38.5% of the Australian company it didn't own.
The local stock exchange listing goes back to 2016 when Australian based WPP businesses were effectively backed into the ASX by taking over STW Communications.
This created the largest communications services parent company in the region with 90 plus businesses and more than 5,500 people (and now about 4,000).
Revenues then were a combined $850 million but have slipped since.
Last year WPP AUNZ had net sales of $612 million, down 14%.
Local CEO Jens Monsees is upbeat on the net sales outlook, with “good momentum” in recent client engagement, in a company which is already seeing the benefits of his transformation program.
His net sales target for 2021 is for growth of 3%-6%.
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