Havas was reported at the weekend to have offered $1bn (£690m) for Cordiant, but both have since denied that any deal is to take place.
Shares in Cordiant fell by 6%, or 6p, to trade at 93.5p this afternoon, while shares in Havas rose by 2.6% to €7.59.
Rumours that the two groups will merge have been rumbling for many months, following the raising of cash by Havas with a convertible bond issue.
Cordiant has suffered as its Bates Worldwide advertising agency has lost significant clients, most notably Hyundai, as well as feeling the effects of the economic downturn. Cordiant CEO Michael Bungey has admitted that the group needs more global accounts, and today he was rewarded with the news that the company had picked up the $65m Malibu account.
Havas, in turn, is thought to be in the market for an acquisition to bolster its standing in the advertising network rankings.
However, earlier this year, Alain de Pouzhilac, chairman and CEO of Havas, said that the company needed to focus on building its business organically and was not in the market for acquisitions.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .
.jpg)
.jpg)