French advertising agency
announced Tuesday that it bought British advertising group
Saatchi & Saatchi
for $1.89 billion in stock.
Once completed, the deal will create the world's
fifth-largest advertising agency.
Saatchi & Saatchi's American depositary receipts rose 30% Monday on the
rumor, closing up 7 11/16 at 33 1/16.
The deal continues a wave of consolidation in the advertising world. In May,
Young & Rubicam
acquired by the
of Britain, and earlier this year