Omnicom Group and Publicis Groupe merger approved by the Federal Trade Commission
What? U.S. antitrust authorities from the Federal Trade Commission have cleared the Omnicom Group and Publicis Groupe merger.
Why it matters: This step consolidates the merge in the US.
The companies also received regulatory approval in Canada, India, Turkey, South Africa and South Korea.
"The expiration of the HSR review period in the U.S. and the approvals received in other jurisdictions satisfy some of the conditions necessary for the transaction to close," Publicis Groupe said in a statement. HSR refers to the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
The merger is still subject to shareholder approval at both companies and additional global regulatory approvals. In Europe, draft notification has been discussed with the European Commission since mid-September. In China, a draft filing was provided to MOFCOM (the nation's Ministry of Commerce), according to Ad Age.
The companies said they were in the process of setting up an integration committee and task force.