Rumours yesterday that global advertising network Publicis is looking to acquire the world’s ninth largest advertising and marketing agency, Cordiant, have this morning been denied by both parties.
Analysts at ABN Amro said that whilst the deal made some financial sense, it was unlikely to transpire, not least because Cordiant is currently a ‘relatively low quality business’, with underperforming divisions.
Publicis and Cordiant already have close ties, having merged their respective Optimedia and Zenith Media buying operations earlier in the year (see International).
