Happier times - chief executives Maurice Levy and John Wren hug each other
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Publicis-Omnicom merger collapses

9 May 2014 Last updated at 21:49 BST

Publicis and Omnicom, two of the world's biggest advertising firms, have scrapped their planned merger.

The merger, announced last year, would have created the world's biggest ad firm worth $35.1bn (£22.8bn).

The firms said they called off the deal as there were challenges that "remained to be overcome" and the slow pace of progress was creating uncertainty that would be "detrimental" to both of them.

Jamie Robertson reports.