Britain's WPP denies bid for IPG takeover
British advertising firm WPP denied a media report suggesting it is planning a takeover bid for US group Interpublic (IPG). This was according to a report published by Reuters.
The Daily Mail said word was circulating that WPP, the largest advertising group in the world, is preparing to bid for IPG. The rumored offer was priced at USD25 per share. On Thursday, IPG's shares closed a little above USD17, Reuters reported.
On Friday, a WPP spokesman said: "We strongly refute this report. It is completely inaccurate."
Two of WPP's biggest rivals, US firm Omnicom and French company Publicis, have announced plans for a merger in July. The combined group would surpass WPP as the biggest advertising company in the world. Analysts are now asking if the British firm would be interested in further acquisitions after the said merger plan, the report said.
WPP shares went up 1.6% at 1335 GMT. The group has reported strong market results for the month of October, Reuters said.