Dive Brief:

• According to industry executives and analysts, the Publicis-Omnicom merger is becoming less likely to close the longer the process drags on. 
• The closing date of what would be the largest agency merger of all time is still undetermined and being held up by international law and tax issues. 
• Although neither Publicis nor Ominicom commented on the merger, Albert Fried analyst Rich Tullo has moved the likelihood of a final closure on the deal from 66% to 40%. 

Dive Insight: 

A merger of this size is unprecedented in the agency and holding company world, so it's not surprising that Publicis and Omnicom are running into unanticipated problems along the way. The hesitance for either to comment or set a closing date doesn't look good for the deal. If this deal falls through, it could either put a stop to any deals of this type happening for a while, or it could leave open a spot for a different agency to make a new deal with one of the two holding company giants.