MAM
Publicis Groupe buys back 18 mn shares from Dentsu
MUMBAI: European media communications group Publicis Groupe has bought back 18 million of its own shares from Dentsu for a total price of 644.4 million euros, which translates to 35.80 euros per share.
The transaction was completed before the opening of the Paris stock market on 17 February.
At a meeting held on 14 February, the Supervisory Board of Publicis examined the management board‘s proposal to proceed with the buy-back and decided on the acquisition of 18 million shares and immediate cancellation of 10,759,813 shares. This step was taken within the framework of the buy-back program approved at the general meeting of shareholders of the Groupe on 7 June 2011 in the interests of Publicis Groupe and its shareholders as a whole.
The buy-back involved a discount of 13.35 per cent from Publicis Groupe‘s closing share price on 16 February. It will have a positive effect on diluted earnings per share of approximately 6 per cent in 2012 and 7 per cent on a full year basis.
After cancellation of 10.76 million shares, which is the maximum number that the Groupe was permitted to cancel after its cancellation of shares on 10 May, 2010, a total 10 per cent of the Groupe‘s shares have been cancelled over the past 24 months.
The remaining 7.24 million treasury shares will be kept for use to cover incentive plans for retention shares, performance shares, stock options and acquisitions.
The purchase was fully financed from Publicis Groupe‘s available cash.
Additionally, the buy-back resulted in termination of the shareholders‘ agreement and the strategic alliance agreement that Dentsu and Publicis Groupe entered into in 2003. As a result, Dentsu chairman Tatsuyoshi Takashima and Dentsu president and CEO Tadashi Ishii have resigned from Publicis Groupe‘s Supervisory Board.
Publicis Groupe chairman of the management board and CEO Maurice Lévy said, “The partnership with Dentsu over the past 10 years has been amicable and exemplary. Dentsu‘s stake in the share capital of Publicis has furthered the development of the Groupe. I wish to express my gratitude for the elegance and professionalism with which this partnership has been carried out, and to all the Dentsu executives who have taken part in this adventure.”
Brands
Axis Bank named Official Banking Partner of DP World PGTI
Partnership supports all tournaments this season to grow professional golf in India.
MUMBAI: Axis Bank just teed up a hole-in-one partnership because when a bank sponsors golf’s biggest swing in India, even the fairways feel more financially secure. Axis Bank has been appointed Official Banking Partner of the DP World Professional Golf Tour of India (DP World PGTI), strengthening its commitment to sporting excellence and community engagement while backing the growth of professional golf across the country.
Under the partnership, Axis Bank will support all DP World PGTI tournaments this season, contributing to talent development, enhanced tournament experiences and wider fan engagement. The collaboration aligns the bank’s values of precision, discipline and trust with the Tour’s focus on performance and opportunity.
Axis Bank executive director Munish Sharda said, “We are pleased to partner with DP World PGTI as its Official Banking Partner. Golf embodies precision, discipline, and a pursuit of excellence qualities that strongly reflect who we are at Axis Bank. This association also strengthens our engagement with India’s growing premium customer segments, where the sport has a deep and enduring connect.”
Professional Golf Tour of India president Kapil Dev said, “We are extremely pleased to welcome Axis Bank as a Tour Partner of the DP World Professional Golf Tour of India. Partnerships of this stature play a vital role in strengthening the foundation of the Tour, enhancing opportunities for our players, and expanding the sport’s reach across the country.”
Professional Golf Tour of India CEO Amandeep Johl added, “Axis Bank’s strong legacy of excellence, innovation, and nationwide reach aligns perfectly with DP World PGTI’s goal to elevate professional golf in India and provide greater opportunities for our players.”
In a sport where every stroke counts and every partnership drives distance, Axis Bank isn’t just backing golfers, it’s investing in the fairway to future, turning India’s greens into a stage where precision meets passion and every drive has the power to inspire.
