Sir Martin only paid a nominal £10m to shareholders for Cordiant after taking over more than £300m of the company's debt. Publicis, which already owns 75% of ZenithOptimedia, has an agreement to buy the remaining 25% of the company for £75m.
During the Cordiant takeover process, there was speculation that Publicis was manoeuvring to acquire the remaining 25% of ZenithOptimedia at a hugely cut-down price of £5m. However, the French advertising group strenuously denied that it was involved with either investment fund Active Value or the Syrian private investor Madame Nahed Ojjeh.
Now Publicis chairman and chief executive Maurice Levy says that he will likely buy the stake for its full price. "We are in discussions, but I believe the price we will be paying will be the price set in the contract of £75m," Levy said in an interview following the release of Publicis' first-half revenues.
Publicis said that revenues had grown by 59% to €1.87bn (£1.32bn) for the six months ending June 30 2003, compared with the same period last year, due to the consolidation of former Bcom3 agencies acquired in September 2002.
Organic revenues were up by 1.6% for the second quarter, the first sign of organic growth since 2001. However, it said that in European markets, there were signs of organic decline in the second quarter, with France and the Netherlands suffering the most, while Germany and Italy were improving.
Publicis said that the impact of SARS on the Asia-Pacific region had proved temporary and limited, and conditions in Latin America were difficult.
Levy said: "While markets remain hesitant, Publicis has seen a return to organic growth for the first time in nearly two years. This highly encouraging result is first and foremost the reflection of our inherent strengths, which include a clearly defined strategy, the dynamism of our teams and an unmatched capacity for smooth integration of new acquisitions."
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