Omnicom Shares Erase Gains as Traders Show Doubt Related to Deal with Publicis

by Paul Quintaro, Benzinga Editor

July 29, 2013 3:51 PM | 1 min read | Make a Comment

Shares of Omnicom Group

OMC

have sold off very sharply over Monday's trading session, moving from as high as $70.50 (up more than 7.4 percent) to now under $65 (down about 0.7 percent from Friday's close). While traders initially cheered the deal between Omnicom and Publicis, a bit of skepticism from several sources has traders taking profits heading into the close.

The Group CEO of WPP plc WPPGY, Martin Sorrell, earlier said the deal between Omincom and Publicis did not "add up.";
Goldman Sachs' Drew Borst warned the corporate cultures of Omnicom and Publicis could clash; and,
Macquarie's Tim Nollen pointed at likely regulatory and/or client conflictions.

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