France's Publicis and US firm Omnicom have announced a merger to create the world's biggest advertising company worth $35.1bn (£22.8bn).
Omnicom chief executive John Wren and Publicis Groupe boss Maurice Levy are to become co-CEOs.
Each firm's shareholders will hold around 50% of the new Publicis Omnicom Group.
The firm will be listed in Paris and New York.
Publicis Groupe shareholders will receive share of the new Publicis Omnicom Group for each Publicis share they own and a special dividend of 1 euro per share.
Omnicom shareholders will receive 0.813 shares of Publicis Omnicom Group for each Omnicom share they own, together with a special dividend of $2 per share, plus quarterly dividend payments.
The companies see savings of $500m from the merger.
The new Publicis Omnicom Group will overtake UK rival WPP in size.
Source: BBC News - Business http://www.bbc.co.uk/news/business-23483104#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
