WPP PLC (LON:WPP) is looking to buy up the remaining 38.5% it does not already own of its antipodean business.

The FTSE 100-listed advertising giant has made a proposal to the board of WPP AUNZ about buying the stake for A$181mln.

At a price of A$0.55 per share in cash, the price for the Australian and New Zealand business is a premium of just over a third to Friday’s closing price.

WPP said in a statement that the proposed acquisition is in line with its global strategy of simplifying its structure under chief executive Mark Read.

Last month WPP said it was on track to meet improved expectations for the year as it reported progress on revenues and costs in the past quarter.

Revenues were down 7.6% for the third quarter compared to a 15.1% fall in the second, with China the only region to see a worsening of performance.

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