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Ojjeh paves way for knockdown Zenith bid by Publicis

Syrian billionaire Nahed Ojjeh's secret shareholding in Cordiant Communications, the subject of a takeover bid by UK advertiser WPP, has given Publicis, the French advertising group, the chance to snatch control of Zenith Optimedia for as little as £3.5m (€5m).

Zenith Optimedia is the media-buying joint venture between Cordiant and Publicis whereby Cordiant controls 25% and Publicis owns the remaining 75%.

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