MAM
Ogilvy wins creative mandate for CARS24
NEW DELHI: Ogilvy has won the creative duties for CARS24. The business will be handled out of the agency’s Gurugram office.
CARS24 brand head Nida Naushad said, “We are delighted to welcome Ogilvy, as our new creative partners. CARS24 is on a mission to completely change the way India sells cars by making the process extremely easy and hassle-free. Now, with Ogilvy’s strong creative and strategic capabilities, we aim to move forward in a journey to make Cars24 India’s most preferred auto brand.”
The agency will be tasked with the mandate of building and scaling-up the brand and its marketing ecosystem through its integrated communications efforts. This will include communication development across TV, print, radio, social media, and other relevant touchpoints. Over the years CARS24 through its continued efforts has achieved a substantial share-of-mind, going forward Ogilvy will dedicate its services to garner share-of-heart for the brand.
Ogilvy Gurugram president and head of office Shouvik Roy said, “We are very excited to partner with a young dynamic brand like CARS24 that operates in a very challenging category. Our ambition is to partner CARS24 and makes it the brand of choice for all pre-owned car buyers in India. Our interactions with the CARS24 team has been very engaging and stimulating. And we are confident of some shining work coming out of this partnership.”
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Brands
Unilever nears $60bn merger of its food arm with spice giant McCormick
A cash-and-stock deal, structured to be tax-efficient, could be announced as early as this week, but the ink is not yet dry
LONDON: The world’s condiment cupboard is about to get a whole lot more consolidated. Unilever, the Anglo-Dutch consumer goods giant, is closing in on a deal to carve out a large chunk of its food business and merge it with McCormick & Company, the American spice-maker, creating a combined entity worth roughly $60bn, according to a report by the Wall Street Journal.
The proposed transaction would be structured as a cash-and-stock deal, with Unilever shareholders expected to retain about two-thirds of the new entity. A cash component of approximately $16bn is set to be included. The vehicle of choice is a Reverse Morris Trust, a structure beloved by corporate lawyers for its ability to shield such transactions from US federal income taxes.
Not everything is on the table, however. Unilever has made clear that its India operations would be excluded from the arrangement, preserving one of its most prized and complex emerging-market businesses from the merger’s reach.
If finalised, the deal would rank among the largest consolidations the global food industry has seen in years, yoking together two of the biggest names in packaged foods and seasonings. The combined group could significantly bolster its clout in international markets, particularly in branded consumer products.
Unilever, though, is playing it carefully. The company reiterated that talks are continuing and that final terms have yet to be agreed, adding that it would provide further updates as negotiations progress.
Watch this space, but do not reach for the mustard just yet.
