Cordiant's share price fell by 8% this morning to 86p, having closed last night at 93.5p.
Takeover talk surrounding Cordiant, one of the last of the smaller international advertising groups still up for grabs, has been rife. This talk has intensified since Publicis Groupe announced it was buying B|Com3 last month.
However, in an interview yesterday, de Pouzilhac told French business newspaper La Tribune that Havas was not planning a bid for Cordiant, which owns the Bates Worldwide network, because Havas already owns three international advertising brands: Euro RSCG, Arnold Worldwide and media-buying arm MPG.
However, Havas only has two advertising agency networks in Euro RSCG and Arnold, which is smaller than Bates, compared with its international rivals, which all own at least three.
Cordiant has also caused concern in the market after delaying its 2001 results announcement, which had been due at the end of March. It had seen its share price rally somewhat after announcing last week that it had renegotiated its borrowing facilities and that David Hearn was taking on the chairman and CEO role at its international ad network Bates Worldwide.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .