WPP takes control of Campaigns and Grey

Global advertising agency WPP is set to acquire further shares in Campaigns and Grey (C&G), one of the Philippines' leading advertising agencies. The move, to be effected through WPP subsidiary Grey, a full service communications agency, means WPP will now hold a majority rather than minority stake in C&G. Major clients of the group include GlaxoSmithKline and Procter and Gamble. C&G's unaudited revenues for the year ended 31 December 2010 were PHP 254m (£3.66m), with gross assets at the same date of PHP 225m (£3.24m).This investment is a further step towards advertising firm WPP's declared goal of developing its businesses in the fast growing economies of Asia Pacific, as well as Latin America, Africa and the Middle East, Central and Eastern Europe. The share price was +0.99% to 665.00p at 08:21. NR