LONDON (Thomson Financial) - WPP Group Plc. said its trading since June 1 trading remains in line with the company's expectations for the year ending December 31.
The company also said it has posted its offer document containing the formal offer for UK market research group Taylor Nelson Sofres Plc.
Martin Sorrel's WPP has launched a hostile 1.08 billion pound bid for Taylor Nelson, after the group had previously agreed a nil-premium merger with German peer GfK AG.
GfK and Taylor Nelson have since dropped the original merger plan so that GfK can investigate a possible counter-offer to the WPP bid.
In Friday's statement, WPP added: 'WPP's objective would be to return to its current gearing level by the third full year following completion. WPP also wishes to maintain its current credit ratings. As a result, the Board of WPP therefore expects that, following the acquisition of TNS, its target level for share buy-backs would be around 1 per cent. of its share capital per annum and its target for dividend growth would be around 15 per cent. per annum.' TFN.newsdesk@thomson.com ndi/vlb COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.