Saatchi float will fund expansion

ADVERTISING agency M&C Saatchi yesterday announced plans for a stock market flotation to fund a European expansion drive.

M&C Saatchi said it planned to list on the London Stock Exchange’s Alternative Investment Market during the middle of next month.

The agency, which has offices in 11 countries including Britain, United States, Australia, Hong Kong and Singapore, said it would use the capital raised by the listing to expand in Germany, France, Italy and Spain. The group said it was also planning to open another office in China and offices in South Korea, Indonesia, Thailand and India and to boost its presence in the US.