Sharewatch: WPP Falls On Cordiant Deal Doubts

WPP was seen in focus yesterday, down 0.36% on reports that Cordiant‘s largest shareholder has urged the advertising group to put its rescue plan to a vote after an extraordinary general meeting was called for the end of the month, potentially quashing WPP’s plans for a cut price take-over deal. Analysts have suggested Cordiant‘s debt figures were lower than expected and refinancing is therefore “eminently feasible”.

Meanwhile, Telewest was seen up 16.67%, after directors reportedly moved to fend off shareholder protest over pay and restructuring.

The broader media sector was in bullish form on Thursday as European equity markets rose to multi-month highs yesterday.

The closing prices of media company shares on Thursday were: