WPP buys again in Brazil amid a rebellion on pay

WPP today put a major shareholder rebellion over executive pay behind it as the advertising giant made a second major purchase in Brazil in as many days.

Sir Martin Sorrell's firm is taking a 70% stake in digital agency Gringo, following a similar stake in Brazil's largest independent digital agency F.Biz.

WPP, already the leading advertising operator in Brazil with annual billings of £4 billion, is keen to invest ahead of the country's 2014 World Cup and 2016 Olympics.

At yesterday's annual general meeting 41% of shareholders voted against WPP's remuneration report.