Jennifer Whitehead,
November 06, 2001
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1 minute

Tempus shares up as WPP agrees to sale

LONDON - Tempus shares leapt 4.8% to 548.5p this afternoon, as WPP Group announced it would not contest its bid for the media-buying group any further and intended to go ahead with the £432m acquisition.

WPP saw its share price fall 3.01% to 645p, after the announcement that it would abide by the Takeover Panel's ruling. However, the City has already largely confirmed its support for WPP's purchase of Tempus, arguing that the strategic fit of the business more than makes up for the inflated price WPP will pay for the company.



In a statement, WPP said, "WPP's objective is now for both management teams to work closely together to integrate the two businesses and capitalise on the strategic benefits as quickly as possible."



Other shares to record gains in today's trading were Carlton Communications, up 4.8% to 216.25p and Reuters Group, up 3.1% to 731p.



In Paris, Havas Advertising, which has had forecasts cut by Merrill Lynch, saw its share price fall 3.4% to £5.36.



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