????萊維解釋說，萊維和沃倫打算在新公司擔任聯席首席執行官，任期30個月。這樣做的原因之一是為了“讓客戶適應新的組合。”即便如此，新組合本身依然存在風險。WPP首席執行官馬丁?索瑞爾說：至少在陽獅宏盟通過監管審查之前，“聯席首席執行官不會是一個輕松的管理構架?！薄ｑR丁是全球最大的廣告控股公司的掌門人。（沃倫說，需要在41個國家拿到批準。）的確，企業發展史上充斥著失敗的聯席首席執行官案例；過分的自我意識尤其會破壞高管之間的關系，同時損害企業利益，對于大型跨國企業來說更是如此。花旗(Citigroup)的桑迪?威爾和約翰?里德便是例子。

????計劃是這樣的，萊維將繼續在巴黎負責公司業務，而沃倫則呆在紐約。萊維說，他們在客戶服務方面持有“完全相同的態度”。然而，懷疑人士對權力的平衡感到擔憂。71歲的萊維打算在30個月后將執掌大權交給61歲的沃倫。對于投資者來說，萊維的業績要比沃倫好得多。受益于數字行業收購和新興市場投資，陽獅的股價在過去的5年中翻了兩番多。而同期宏盟的股價只上升了約70%。索瑞爾說，盡管宏盟在上世紀90年代的年收益率達到了30%，但公司增長的放緩說明沃倫的策略“并沒有奏效”。

????WPP負責人將陽獅-宏盟的合并稱之為“極其大膽、勇敢而又驚人的舉動”，而且目前，他作為旁觀者對此艷羨不已。少數對陽獅-宏盟合并不滿的客戶可能會投向索瑞爾的懷抱。與此同時，一些行業觀察人士認為，總部位于英國的WPP可能會通過收購麥肯集團（McCann-Erickson）的母公司埃培智集團（Interpublic Group）來進一步壯大自己的實力。WPP旗下擁有智威湯遜（JWT）和奧美集團（Ogilvy Group），以及公關巨頭博雅公關（Burson-Marsteller）和偉達公關（HillKnowlton）。索瑞爾并沒有過多地去表露自己的羨慕之情。他在談到合并對WPP的影響時承認：“到目前為止，我們仍然希望做最大的廣告商。最壞的情況：合并對我們來說是喜憂參半。最好的情況：它會帶來非常積極的影響。光是監管批準和磨合過程就夠他們忙的了?！?/p>

????消息一出，埃培智的股票應聲上漲了5%。對于極具金融頭腦的索瑞爾來說，當一家公司的股價因交易預期而上揚時，他是不會去收購這家公司的。但是讓我們拭目以待吧。如果WPP購買埃培智，雙方根據2012年的合并營業額將達到230億美元，跟陽獅宏盟的營收規模不相上下。（財富中文網）

????譯者：翔?

????Levy and Wren intend to be co-CEOs of the new company for 30 months, in part "to make clients comfortable" with the new set-up, Levy explains. Even so, the set-up is inherently risky. "Co-CEOs is not an easy structure," notes WPP chief Martin Sorrell, who runs the world's largest ad holding company, at least until Publicis Omnicom passes regulatory muster. (Approvals are needed in 41 countries, Wren says.) Indeed, corporate history is packed with failed co-CEOs; outsized egos typically destroy relationships and damage companies, particularly big global ones. Remember Sandy Weill and John Reed at Citigroup (C)?

????The plan is for Levy to continue operating from Paris, while Wren remains in New York. Levy says they possess "exactly the same attitudes" toward serving clients, but skeptics are concerned about the balance of power. The 71-year-old Levy, who intends to hand the CEO reins to Wren, 61, after 30 months, has performed much better for investors than Wren. Benefiting from digital acquisitions and investments in emerging markets, Publicis stock has more than tripled during the past five years. Omnicom is up about 70% in the same period. While Omnicom delivered 30% annual returns in the 1990s, its slowdown suggests that Wren's strategy "wasn't working," says Sorrell.

????The WPP chief calls the Publicis-Omnicom merger "an extremely bold, brave, and surprising move," and he is now salivating on the sidelines. Sorrell will likely pick up a few clients dissatisfied by the Publicis-Omnicom merger. Meanwhile, some industry watchers contend that British-based WPP, which owns JWT and Ogilvy Group, as well as PR giants Burson-Marsteller and Hill & Knowlton, could bulk up further by acquiring Interpublic Group (IPG), the owner of McCann-Erickson. Sorrell downplays his attraction. "We'd rather be the biggest by far," he admits, adding about the impact of Publicis Omnicom on WPP, "At worst, it's neutral. At best, it's highly positive. They're going to have their hands full getting regulatory approvals and trying to extract synergies."

????IPG's stock rose 5% on speculation. Sorrell, a finance man to the core, is not the type to buy a company when the expectation of a deal is priced into the stock. But wait and see. If WPP would buy IPG, the combination based on 2012 revenue would be $23 billion. That's the same size as Publicis Omnicom.