Ogilvy & Mather, Scangroup of Kenya Secure All Approvals for Joint Venture

Scangroup Ltd., East Africa’s biggest marketing and communications company, has received all the approvals to enter into a partnership with Ogilvy and Mather Worldwide to form Ogilvy Africa.

Scangroup acquired 51 percent of Ogilvy & Mather Africa BV and 50 percent of Ogilvy East Africa Ltd., the company said in a statement in the Nairobi-based Daily Nation.

“The transactions have been successfully completed and accordingly, the board of directors of Scangroup on Oct. 8, 2010 issued a total of 13.88 million new ordinary shares,” the statement said. The new shares began trading on the Nairobi Stock Exchange yesterday, it added.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Tim Smith at tsmith58@bloomberg.net

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