Rikes falls into the WPP fold

Hong Kong – WPP has made its second acquisition this week, taking a major share in financial services RP group Rikes, through its agency Hill & Knowlton.

As part of the agreement, WPP will take a 70% share of the company, which in the year to 31 March 2007, generated unaudited revenues of HK$7.4 million.

The acquisition price was not disclosed. 

Rikes, a Hong Kong company, focuses mostly on financial clients in China.

Following the acquisition, the agency will be known as Rikes Hill & Knowlton. Raymond Siu, managing director at Rikes will continue in his role.

"Together we are an even stronger player in this market and our combined force and international network will enable us to provide an even wider scope of service to Chinese companies as they go international," he said.