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Dennis Chester, the Faulds managing director, insisted that an alliance with Asatsu was only one of two options that were under consideration, and stated that the agency was not for sale.

The prospect of an alliance or small holding would provide Faulds with an international platform to service its clients. At present the agency only has offices in Scotland, in Edinburgh and Glasgow. However, Faulds is close to tying up a deal with the London agency Malcolm Moore Deakin Hutson.

Chester said: "We are currently talking to two companies regarding the prospect of an alliance or small holding." However, he added: "We still value the fact that we are an independent company." Negotiations are expected to be concluded in three to four months' time.

Sir Martin Sorrell's holding company, WPP, has a 20 per cent stake in Asatsu. The agency currently has a small presence in Europe, with offices in London, Paris and Amsterdam.

No one at the Japanese agency was available to comment on the news as ±±¾©Èü³µpk10 went to press.

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