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| Sorrell sees off WPP in takeover race | Sorrell sees off WPP in takeover race |
| (about 2 hours later) | |
| Sir Martin Sorrell has seen off competition from WPP, the firm he ran for three decades, with the first acquisition for his new rival venture. | |
| S4 Capital's purchase of Dutch digital production company MediaMonks is expected to be announced on Tuesday. | S4 Capital's purchase of Dutch digital production company MediaMonks is expected to be announced on Tuesday. |
| Earlier this month, WPP threatened to take away share awards worth about £20m from its former chief executive over his rival bid for MediaMonks. | Earlier this month, WPP threatened to take away share awards worth about £20m from its former chief executive over his rival bid for MediaMonks. |
| Sir Martin resigned as WPP chief executive in April. | Sir Martin resigned as WPP chief executive in April. |
| He left the world's biggest advertising firm amid claims of misconduct, which he has denied. | He left the world's biggest advertising firm amid claims of misconduct, which he has denied. |
| The findings of an internal investigation into the allegations has not been disclosed because WPP said doing so would breach data protection rules. | The findings of an internal investigation into the allegations has not been disclosed because WPP said doing so would breach data protection rules. |
| Soon after leaving Sir Martin set up his new advertising venture, which he has pledged to build into a "multinational communication services business". | Soon after leaving Sir Martin set up his new advertising venture, which he has pledged to build into a "multinational communication services business". |
| A source close to Sir Martin said S4 Capital's takeover of MediaMonks would involve a mix of cash and shares. It will be worth about €300m (£266m). | A source close to Sir Martin said S4 Capital's takeover of MediaMonks would involve a mix of cash and shares. It will be worth about €300m (£266m). |
| Earlier this month, a source close to Sir Martin described relations between WPP and its former boss as "obviously not very good". | Earlier this month, a source close to Sir Martin described relations between WPP and its former boss as "obviously not very good". |
| The source said WPP's threats to take away his share awards would not deter Sir Martin: "This guy is worth £400m to £500m. He is not going to allow £20m to stand in the way what he is trying to do." | The source said WPP's threats to take away his share awards would not deter Sir Martin: "This guy is worth £400m to £500m. He is not going to allow £20m to stand in the way what he is trying to do." |
| Sir Martin's decision to start a new venture has echoes of his reverse takeover of Wire and Plastics Products in 1985. | Sir Martin's decision to start a new venture has echoes of his reverse takeover of Wire and Plastics Products in 1985. |
| The maker of wire shopping baskets was turned into WPP, and over 30 years became the world's biggest advertising company with revenues of over £15bn. | The maker of wire shopping baskets was turned into WPP, and over 30 years became the world's biggest advertising company with revenues of over £15bn. |