The disclosure comes as it is reported that the Takeover Panel is investigating dealings in Cordiant Communications amid fears that rules have been broken over declarations of share dealings and stakes.
At the same time, Publicis Groupe has issued a statement saying that it is not involved with Ojjeh's share-buying spree, and that it has no plans to participate in either a direct or indirect attempt to take over Cordiant. Maurice Levy, chairman of the company, said: "Our position has always been very clear and we will not accept that intentions or actions contrary to reality be attributed to us."
The statement comes in response to reports earlier today that Ojjeh had connections with Publicis and knew Levy, as well as other executives at the company. This had given rise to speculation that Ojjeh may have entered into some kind of agreement with the French ad giant to help it buy Cordiant's 25% stake in ZenithOptimedia at a cut-down price.
In a statement, the company said: "Publicis Groupe has only an interest limited to a few specific assets including Cordiant's 25% shareholding in ZenithOptimedia Group and the franchises operating under the name of Zenith. On this specific subject, Sir Martin Sorrell committed to sell those interests to Publicis. Since then, no further negotiations have occurred."
Ojjeh's reasons for buying a stake in Cordiant have not been given, with a spokeswoman saying that she is out of Paris until the end of the month. Today's declaration reveals that Nahed Ojjeh has bought 17.5m shares in Cordiant personally; Dacor, a company she owns entirely, has bought another 14.3m shares; while her son Akram Ojjeh and daughter Lara Tlass own 4.8m shares in Cordiant between them.
While Publicis' statement may kill rumours about its involvement with Ojjeh and Cordiant, it does not solve the mystery of what her game plan is.
There has been speculation that rebel Cordiant shareholder Active Value, which has also been increasing its stake in the besieged company, has formed a "concert party" with Ojjeh. However, the fund has denied that it has had any contact with Ojjeh or her advisers, adding "it has no knowledge of Madame Ojjeh's intentions in respect of Cordiant".
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