Sharewatch: WPP Boosted As Cordiant Deal Gets Go-Ahead

WPP once again took centre stage after Active Value, the investment group which attempted to block WPP’s planned take-over of Cordiant, finally bowed to pressure and waved through the £10 million deal.

However, WPP limped up just 0.58% on the news, as investors also considered reports that Active Value is “well advanced in bringing legal action” as it looked to recover losses on its 28.75% stake in the advertising group.

Broader market sentiment was dented by a flurry of weak corporate results on Wall Street, with AOL Time Warner raising doubts about the pace and durability of the US economic recovery.

The closing prices of media company shares on Tuesday were: