• November 23, 2004

European Union regulators have thrown WPP Group an unexpected curve in the British holding company's attempts to finalize its plan to buy rival Grey Global Group for $1.31 billion.

The European Commission, the regulatory arm of the EU, have demanded that WPP provide more information about the proposed merger, finding the current filings proffered by the company to be "incomplete." The commission's action means that WPP will have to re-file a full notification, after which its one-month merger review process will start again.

Industry observers tend to think this is merely a formality and will only delay the merger until early next year. WPP and Grey's combined 2003 revenues would have been $8.637 billion, according to filings in the United States.