According to reports, Cordiant could be selling all or part of its 77% stake in the German advertising agency Scholz & Friends, with rival advertising holding company WPP Group said to be interested in buying.
On Sunday it was revealed that when Cordiant unveils its full-year results on Friday, Bungey is likely to announce he will step down to be replaced by David Hearn, who was brought in from the Australian food company Goodman Fielder to run Cordiant's struggling ad network Bates Worldwide.
Cordiant has refused to comment on the rumours before its results are published.
Another sell-off possibility being mooted would be for Cordiant to sell its 25% stake in Zenith Optimedia to Publicis Groupe. It has a deal with the French advertising group that, if it wants to sell by the end of next year, Publicis must buy the remaining stake for 拢75m.
This would, however, leave Cordiant without any media buying interests and would further weaken its international position.
Analysts are predicting that profits will have dropped considerably as the group's financial performance has been hit by a series of account losses. Most recently, Bates saw Wendy's, the US burger chain account, go to McCann-Erickson and it was also hard hit by the loss of the US Hyundai account. Both accounts involved spend in the region of 拢300m.
Shares in the company fell when the market opened this morning by 1.82%, or 1p, to trade at 54p.
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