WPP bolsters stake in Tempus with pounds 4m purchase of shares

WPP has renewed its interest in Tempus over the past week, acquiring more than pounds 4 million of additional shares.

WPP has renewed its interest in Tempus over the past week, acquiring more than pounds 4 million of additional shares.

WPP's chairman, Sir Martin Sorrell, has been acquiring Tempus shares since 1997, but has not made a major purchase for more than a year. This week's trading saw WPP increase its stake in the communications company from just over 17 per cent to 18.4 per cent with the acquisition of 950,000 additional shares from an institutional investor. The Tempus share price was 453 pence by the middle of this week compared with a 52-week high of 655 pence.

Chris Ingram, the chairman of Tempus, said: 'The fact that Sorrell is investing in our company rather than his own is rather telling. At the very least it suggests he recognises what good value we are.'

Back in 1999, Sorrell told Campaign: 'We want to build the finest media planning and buying company in the world and in the long term CIA could become part of that.'



Topics