On Friday, Publicis chief executive Maurice Levy said that he had rejected proposals by Active Value, which owns nearly 28.75% of Cordiant.
This was reiterated in a statement issued this morning, in which Publicis revealed that it had met with Active Value for talks on Saturday.
"At this meeting, UK Active Value made a proposal regarding Cordiant and Cordiant's shareholding in ZenithOptimedia Group, which Publicis declined. Publicis confirms that it has no intention of making an offer for the shares of Cordiant and that it remains interested solely in [ZenithOptimedia]."
However, its comments this morning seem to be contradicted by others it made at the weekend to the Telegraph, where Levy said that if Active Value came back with new proposals it would be willing to listen to what the fund manager had to say.
"That doesn't mean if they come back with future proposals, we will continue to decline. I have not left the door open, I have opened the door very wide for this."
Levy added that Publicis had always made clear that its interest lies in acquiring the 25% of ZenithOptimedia it does not already own.
WPP has called the French company's statements inconsistent. "Our view is that what Publicis said on Friday in its statement is wholly inconsistent with the comments that Mr Levy made in The Sunday Telegraph and also wholly inconsistent with holding a meeting Saturday with Active Value."
The WPP spokesman said that Publicis comments added to the uncertainty surrounding Cordiant.
"We believe that yesterday's statement from Publicis compounds the potential for a false market in Cordiant shares to continue," a spokesman for WPP said.
The comments by WPP came as Syrian-born billionaire Nahed Ojjeh was revealed to have added to her stake in Cordiant by buying another three-quarters of a million shares, raising her stake in the company from 9.89% to 10.1%.
Ojjeh has been rumoured to be linked to efforts by Publicis to acquire ZenithOptimedia. Publicis denied any link on Friday, saying that neither it nor its advisers have had any contact nor held any discussion of any kind regarding Cordiant with Ojjeh, nor with her advisers.
However, if Ojjeh helps Active Value by supporting efforts to rally 51% of shareholders to effect a change in control of Cordiant, Publicis will be able to acquire the remaining 25% stake in ZenithOptimedia for just 拢4m, rather than the 拢75m it will have to pay if there is no change in control.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .