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. Last Updated: 07/27/2016

Publicis Buys Saatchi

PARIS -- French advertising agency Publicis bought Britain's Saatchi and Saatchi on Tuesday to create the world's fifth largest advertising company, to be renamed Publicis Groupe SA, a joint statement by the two companies said.

The all-share deal will give the French company vital access to the U.S. market, where Saatchi and Saatchi does half of its business, as well as control of one of the best-known names in the British advertising industry.

It could create conflicts because Saatchi's clients include the Japanese carmaker Toyota, while Publicis works for the French automaker Renault. Publicis is eager to enter the U.S. market, where Saatchi's clients include Procter and Gamble and computer giant Hewlett-Packard.