Preferred Shareholders Obtain Control of WPP: Voting control of WPP Group PLC, the world’s largest ad agency, has passed to its preferred shareholders because WPP failed to pay them dividends. The change could increase the pressure on the debt-strapped London company, which is struggling through the industry’s worst recession. Analysts are divided about whether the weight of its debt will prompt WPP to seek a second refinancing or try to sell off big chunks of the business. How the company fares in the fourth quarter, usually a buoyant period for advertising companies, will be crucial, they said.
From Times Staff and Wire Reports