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WPP to sell its 49 percent stake in consulting firm Richard Attias

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WPP to sell its 49 percent stake in consulting firm Richard Attias
FILE PHOTO: A logo hangs on the wall outside the WPP offices in London, Britain April 30, 2018. REUTERS/Simon Dawson   -   Copyright  SIMON DAWSON(Reuters)
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(Reuters) – Advertising group WPP has agreed to sell its minority stake in consulting firm Richard Attias & Associates (RAA) back to existing shareholders, a spokesperson for WPP told Reuters on Wednesday.

WPP did not specify the percentage of the stake it had held in RAA or the amount it had sold the stake for.

Sky News had reported earlier that WPP was looking to sell a 49 percent stake to Richard Attias, the founder of the firm that organised the Future Investment Initiative conference in Saudi Arabia, for tens of millions of pounds.

More than two dozen top officials and executives from the United States and Europe, including U.S. Treasury Secretary Steven Mnuchin and chief executives of big banks, boycotted the investment conference held in October over the killing of journalist Khashoggi inside the Saudi consulate in Istanbul on Oct 2.

Richard Attias & Associates did not immediately respond to a request for comment.

(Reporting by Ishita Chigilli Palli and Sathvik N in Bengaluru; Editing by Elaine Hardcastle)

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