It was issued yesterday as the head of Omnicom discussed the failure of the proposed merger with Publicis.
Apparently, the causes went beyond tax and regulatory challenges.
“We knew there would be differences in corporate cultures of Omnicom and Publicis. I know now that we underestimated the depths of these cultural differences. I want to emphasize these were differences of corporate not national culture.”
Very smart lawyers were working on the tax and regulatory issues. If only they had had an anthropologist working on the cultural ones.
Source for quote: Laurel Wentz in Ad Age, see the full coverage here.