EXHIBIT 23.8
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[LETTERHEAD]
PERSONAL AND CONFIDENTIAL
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August 21, 2000
Board of Directors
WPP Group plc
00 Xxxx Xxxxxx
Xxxxxx X0X 0XX
Xxxxxx Xxxxxxx
Re: Amendment No. 1 to Registration Statement
on Form F-4 (File No. 333-40516) of WPP Group plc
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Ladies and Gentlemen:
Reference is made to our opinion letter dated May 11, 2000 with respect to the
fairness from a financial point of view to WPP Group plc ("WPP") of the exchange
ratio of 0.835 of an American Depositary Share of WPP ("WPP ADS"), each WPP ADS
representing five ordinary shares, nominal value 10p each, of WPP ("WPP Ordinary
Shares"), to be paid by WPP for each outstanding share of common stock, par
value $0.01 per share ("Y&R Shares"), of Young & Rubicam Inc. ("Y&R") (with each
holder of Y&R Shares being entitled to elect to receive the WPP Ordinary Shares
underlying all or a portion of the WPP ADSs the holder is otherwise entitled to
receive) pursuant to the Agreement and Plan of Merger, dated as of May 11, 2000,
among WPP, Y&R and York Merger Corp., a direct wholly owned subsidiary of WPP.
The foregoing opinion letter was provided for the information and assistance of
the Board of Directors of WPP in connection with the transaction contemplated
therein and is not to be used, circulated, quoted or otherwise referred to for
any other purpose, nor is it to be filed with, included in or referred to in
whole or in part in any registration statement, proxy statement or any other
document, except in accordance with our prior written consent. We understand
that WPP has determined to include our opinion in the above-referenced
Registration Statement.
In that regard, we hereby consent to the reference to the opinion of our Firm
under the captions "Summary--Opinions of WPP's Financial Advisors", "The
Merger--Background of the Merger" and "The Merger--Opinions of WPP's Financial
Advisors--Opinion of Xxxxxxx, Xxxxx & Co." and to the inclusion of the foregoing
opinion in the Proxy Statement/Prospectus included in the above-mentioned
Registration Statement. In giving such consent, we do not thereby admit that we
come within the category of persons whose consent is required under Section 7 of
the Securities Act of 1933 or the rules and regulations of the Securities and
Exchange Commission thereunder.
Very truly yours,
/s/ XXXXXXX, XXXXX & CO.
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Xxxxxxx, Xxxxx & Co.