Business briefs: WPP | Millstream | CWW | Vodafone

ADVERTISING giant WPP is buying a stake in a Burmese ad agency just days after the US lifted a ban on investments in the country, which is emerging from 50 years of military rule.

The group did not disclose the size of its investment in Today Advertising, but chief executive Sir Martin Sorrell said the deal was “very exciting”.

He added: “It’s not often that a market of this size opens up, with this capability.”

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Millstream’s £4.8m Norwegian contract

Scottish electronic tendering specialist Millstream has secured a £4.8 million contract to continue running a national procurement database for the Norwegian government.

The Aberdeen-based firm has provided the portal, which connects suppliers with public sector buyers, since 2005 and said the system has saved Norway around £2m a year by cutting the cost of publishing public tender notices.

CWW defends £1bn Vodafone takeover

Cable & Wireless Worldwide (CWW) yesterday defended its decision to back a £1 billion takeover by Vodafone after announcing a full-year operating loss of £378 million, compared with a £153m profit a year ago.

The group’s largest shareholder, Orbis, believes the 38p-per-share offer is too low, but CWW said it is an “excellent opportunity for shareholders to realise an attractive valuation”.