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[THE INVESTOR] Cheil Worldwide, an advertising unit of Samsung Group, said on June 13 that talks to sell a controlling stake to French ad giant Publicis Groupe have failed.
In a regulatory filing, the nation’s No. 1 ad agency said it was not in talks with any other firm.
“Talks between main stakeholders and the global advertising agency ended without a specific conclusion,” the company said.
Over the past week, media reports have speculated that Cheil was discussing stake sales with other companies, including a large Chinese property developer and a Korean privacy equity fund, after its failed talks with Publics.
The rumored stake sales are being carried out under Samsung Group’s business restructuring. Currently, a total 28.45 percent stake in Cheil is owned by Samsung C&T, Samsung Electronics and Samsung Card.
By Lee Ji-yoon (jylee@heraldcorp.com)
In a regulatory filing, the nation’s No. 1 ad agency said it was not in talks with any other firm.
“Talks between main stakeholders and the global advertising agency ended without a specific conclusion,” the company said.
Over the past week, media reports have speculated that Cheil was discussing stake sales with other companies, including a large Chinese property developer and a Korean privacy equity fund, after its failed talks with Publics.
The rumored stake sales are being carried out under Samsung Group’s business restructuring. Currently, a total 28.45 percent stake in Cheil is owned by Samsung C&T, Samsung Electronics and Samsung Card.
By Lee Ji-yoon (jylee@heraldcorp.com)
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Articles by Korea Herald
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