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WPP sets aside £200m for new acquisition drive
ADVERTISING giant WPP is to step up its acquisition drive this year, setting aside a £200m war chest to expand into new media in emerging markets.
Chief executive Martin Sorrell has tended to focus his expansion on small and medium sized agencies in rapidly expanding markets including Brazil, India and China.
The amount earmarked for acquisitions is around double that spent in recent years. WPP has seen its share price fall by around 7.5 per cent this year.
Sorrell also said in an interview with Bloomberg Television at the World Economic Forum in Jakarta he is optimistic about growth in the advertising sector this year.
Sources close to the firm recently ruled out a £500m bid for Aegis market research business Synovate.