After having broken off negotiations, the British group WPP and American YOUNG & RUBICAM have announced their merger which will make them the world's number one with a turnover of $6.7 bn, on the basis of 1999 figures and given the revenue generated by affiliated companies. This operation will take the form of an share swap for a total of $4.7 bn. The shareholders of Y&R will have around a third of the new company and those of WPP the remaining two-thirds. See EI of 4 May.