阳狮-宏盟合并：一场始于玩笑的超级联姻

    莱维解释说，莱维和沃伦打算在新公司担任联席首席执行官，任期30个月。这样做的原因之一是为了“让客户适应新的组合。”即便如此，新组合本身依然存在风险。WPP首席执行官马丁•索瑞尔说：至少在阳狮宏盟通过监管审查之前，“联席首席执行官不会是一个轻松的管理构架。”。马丁是全球最大的广告控股公司的掌门人。（沃伦说，需要在41个国家拿到批准。）的确，企业发展史上充斥着失败的联席首席执行官案例；过分的自我意识尤其会破坏高管之间的关系，同时损害企业利益，对于大型跨国企业来说更是如此。花旗(Citigroup)的桑迪•威尔和约翰•里德便是例子。

    计划是这样的，莱维将继续在巴黎负责公司业务，而沃伦则呆在纽约。莱维说，他们在客户服务方面持有“完全相同的态度”。然而，怀疑人士对权力的平衡感到担忧。71岁的莱维打算在30个月后将执掌大权交给61岁的沃伦。对于投资者来说，莱维的业绩要比沃伦好得多。受益于数字行业收购和新兴市场投资，阳狮的股价在过去的5年中翻了两番多。而同期宏盟的股价只上升了约70%。索瑞尔说，尽管宏盟在上世纪90年代的年收益率达到了30%，但公司增长的放缓说明沃伦的策略“并没有奏效”。

    WPP负责人将阳狮-宏盟的合并称之为“极其大胆、勇敢而又惊人的举动”，而且目前，他作为旁观者对此艳羡不已。少数对阳狮-宏盟合并不满的客户可能会投向索瑞尔的怀抱。与此同时，一些行业观察人士认为，总部位于英国的WPP可能会通过收购麦肯集团（McCann-Erickson）的母公司埃培智集团（Interpublic Group）来进一步壮大自己的实力。WPP旗下拥有智威汤逊（JWT）和奥美集团（Ogilvy Group），以及公关巨头博雅公关（Burson-Marsteller）和伟达公关（HillKnowlton）。索瑞尔并没有过多地去表露自己的羡慕之情。他在谈到合并对WPP的影响时承认：“到目前为止，我们仍然希望做最大的广告商。最坏的情况：合并对我们来说是喜忧参半。最好的情况：它会带来非常积极的影响。光是监管批准和磨合过程就够他们忙的了。”

    消息一出，埃培智的股票应声上涨了5%。对于极具金融头脑的索瑞尔来说，当一家公司的股价因交易预期而上扬时，他是不会去收购这家公司的。但是让我们拭目以待吧。如果WPP购买埃培智，双方根据2012年的合并营业额将达到230亿美元，跟阳狮宏盟的营收规模不相上下。（财富中文网）

    译者：翔 

    Levy and Wren intend to be co-CEOs of the new company for 30 months, in part "to make clients comfortable" with the new set-up, Levy explains. Even so, the set-up is inherently risky. "Co-CEOs is not an easy structure," notes WPP chief Martin Sorrell, who runs the world's largest ad holding company, at least until Publicis Omnicom passes regulatory muster. (Approvals are needed in 41 countries, Wren says.) Indeed, corporate history is packed with failed co-CEOs; outsized egos typically destroy relationships and damage companies, particularly big global ones. Remember Sandy Weill and John Reed at Citigroup (C)?

    The plan is for Levy to continue operating from Paris, while Wren remains in New York. Levy says they possess "exactly the same attitudes" toward serving clients, but skeptics are concerned about the balance of power. The 71-year-old Levy, who intends to hand the CEO reins to Wren, 61, after 30 months, has performed much better for investors than Wren. Benefiting from digital acquisitions and investments in emerging markets, Publicis stock has more than tripled during the past five years. Omnicom is up about 70% in the same period. While Omnicom delivered 30% annual returns in the 1990s, its slowdown suggests that Wren's strategy "wasn't working," says Sorrell.

    The WPP chief calls the Publicis-Omnicom merger "an extremely bold, brave, and surprising move," and he is now salivating on the sidelines. Sorrell will likely pick up a few clients dissatisfied by the Publicis-Omnicom merger. Meanwhile, some industry watchers contend that British-based WPP, which owns JWT and Ogilvy Group, as well as PR giants Burson-Marsteller and Hill & Knowlton, could bulk up further by acquiring Interpublic Group (IPG), the owner of McCann-Erickson. Sorrell downplays his attraction. "We'd rather be the biggest by far," he admits, adding about the impact of Publicis Omnicom on WPP, "At worst, it's neutral. At best, it's highly positive. They're going to have their hands full getting regulatory approvals and trying to extract synergies."

    IPG's stock rose 5% on speculation. Sorrell, a finance man to the core, is not the type to buy a company when the expectation of a deal is priced into the stock. But wait and see. If WPP would buy IPG, the combination based on 2012 revenue would be $23 billion. That's the same size as Publicis Omnicom.