The World: Amsterdam - TGG completes surprise buyout of Kobalt

Kobalt, Holland's largest media agency, has been sold to the country's Thieme GrafiMedia Groep in a surprise deal.

Aegis, Omnicom and Havas were expected to be among those bidding for Kobalt, whose shareholders include Masterfoods, the retailer Ahold and the banks ABN Amro, ING and Rabo.

Kobalt will remain an independent "sister" operation of TGG. Marceline Beijer, Kobalt's chief executive, said: "We think it is better to further improve our own services and to initiate foreign expansion."