MAM
EU waves through Omnicom–IPG megamerger
BRUSSELS: The EU has handed Omnicom a clean bill of health for its $13.25bn all-stock takeover of Interpublic Group, firing the starting gun on the creation of the world’s largest advertising network at a time when traditional agencies are scrambling to keep pace with Big Tech and the AI arms race.
In a decision published today, the European Commission said it had “approved unconditionally” the merger after finding no competition concerns across the European Economic Area. The ruling removes the final regulatory roadblock, with the holding groups expected to seal the deal globally within days.
Omnicom unveiled the acquisition last December, touting some $750m in cost savings and a sweeping restructuring that is expected to ditch long-standing agency brands as the two giants fuse into a single, heavyweight operator. The deal leapfrogs the combined group ahead of Publicis and WPP on revenues, resetting the global pecking order in adland.
Regulators in America and Britain signed off earlier—Britain’s CMA in August and the US Federal Trade Commission in September—leaving Brussels as the last stop.
IPG has been slashing overheads ahead of the tie-up, shedding 3,200 staff this year and shrinking its global real-estate footprint by 730,000 square feet, according to its latest SEC filing.
With Brussels now on board, Omnicom is poised to pull the trigger—and adland is bracing for its biggest shake-up in decade.
Brands
Kotak Mahindra Bank appoints Ramesh Iyer to board
Veteran financier replaces Ashok Gulati, who retires in March
MUMBAI: Kotak Mahindra Bank has announced a change to its board of directors, with independent director Ashok Gulati set to retire at the end of his term on 5 March.
The company said it has appointed Ramesh Ganesh Iyer as an additional and independent director for a four-year term, effective 17 February, subject to shareholder approval.
Iyer brings more than four decades of experience in financial services. He spent much of his career at Mahindra & Mahindra Financial Services, where he served as vice chairman and managing director before taking on the role of president for the financial services sector and member of the group executive board at Mahindra & Mahindra. He retired from the group in April 2024.
During his tenure, Iyer was instrumental in expanding rural and inclusive finance initiatives, scaling the company’s assets and customer base. He also led the creation of subsidiaries in rural housing finance, insurance broking and asset management, and oversaw international joint ventures.
Iyer holds a commerce degree and a doctorate of letters, and currently serves on the boards of several listed and unlisted companies.
The board meeting approving the changes was held in Mumbai on February 17 between 6.30 pm and 6.50 pm.
