Is Rediff-WPP a done deal?

British marketing services giant WPP has acquired a majority stake in leading Indian advertising agency network Rediffusion Y&R, according to unconfirmed sources.

WPP, which owns a 26.67% stake in Rediffusion via its Young & Rubicam network, is said to have bought out the 60% held by Arun Nanda and Ajit Balakrishnan. The balance 13.33% in Rediff is held by Dentsu.

WPP has been in talks with Mr Nanda since around 2002 to buy the stake but there was no agreement on the price.