LONDON (ShareCast) - Advertising group M&C Saatchi has sold three-quarters of its stake in leading UK media agency Walker Media to French giant Publicis.

AIM-listed Saatchi, which was formed by Maurice and Charles Saatchi, said Publicis had agreed to pay £36m for the 75.1% stake and that it would return a majority of the cash proceeds to shareholders.

A further announcement will be made in due course on the method and timing of how this cash will be returned.

Publicis will fold Walker into its ZenithOptimedia Group, where it will be a key cornerstone of a new global media network to be launched in 2014.

Chief Executive David Kershaw said: "This new network will be of great value to our worldwide client base. Walker Media will benefit from the geographic reach and scale opportunities within ZenithOptimedia and Publicis, whilst importantly retaining the integrity of the Walker Media brand."

Shares in M&C Saatchi were up 4.2% to 338p at 14:10 on Thursday.


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