British advertising giant WPP today emerged as the winning bidder in the hotly-contested auction of US-based rival Grey Global.

French advertising group Havas has reported a 17% drop in revenues for 2003.

Advertising firm WPP’s protracted bid for media buying group Tempus was declared unconditional today after shareholders backed the deal.

Media buying agency Tempus today moved to reassure shareholders it was coping with ‘‘one of the most difficult years’’ ever seen in the industry.