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Hike of stake in Indian venture?
Are moves afoot for Weber Shandwick Worldwide to increase its stake in the joint venture company, Corporate Voice Shandwick PR Pvt Ltd in the near future? While Alison Clarke, CEO Asia-Pacific, Weber Shandwick Worldwide refused to give a definite commitment, Mr Shiv Reddy, CEO, Corporate Voice Shandwick PR Ltd, hinted that the stake holding pattern ``will probably change this year,'' with Weber Shandwick taking majority stake. Declining to comment, Ms Clarke said,``We are a major multinational. I don't believe in making predictions, but we are certainly seeking to strengthen our ties in India. All I can say is that they will certainly grow and not diminish.''Currently, Weber Shandwick Worldwide holds 40 per cent stake in its JV with Corporate Voice. Weber and Shandwick, both belonging to the Inter Public group were merged in January 2001, making it the largest public relations agency. Prior to the merger, Shandwick was ranked number three globally and number two in Asia Pacific. ``The Indian company continues to be called Corporate Voice Shandwick and in the event of Weber Shandwick Worldwide taking majority stake in its India outfit, the name would also be changed accordingly,'' said Mr Reddy. Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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