BatesAsia takes major stake in MeThinks

China - WPP's wholly-owned ad network BatesAsia, has taken a majority stake in Shanghai-based events and integrated marketing agency MeThinks for RMB 36.6million.

Digby Richards, BatesAsia chief operations officer, said the agency had been in discussions with MeThinks for some time and hinted that the agency would be integrated into the Bates 141 network early next year.

"We're psyched about it," Richards said.

The Shanghai-based agency employs 98 people and works with clients including adidas, Coca-Cola, Duracell, Gillette and Johnson & Johnson.

According to a WPP statement, MeThinks's unaudited revenues for the year ended 31 December 2006 were RMB 34.9 million, with gross assets at the same date of RMB 36.6million.

"This investment continues WPP's strategy of developing its networks in fast growing markets and sectors," the company said.