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(Sharecast News) - Yannick Bollore, the chief executive of French advertising and PR firm Havas has poured cold water on speculation the company is in talks to buy UK rival WPP.
Shares in the London-listed advertising giant surged on Monday after The Times reported that Havas had held talks about a possible acquisition, while private equity firms Apollo and KKR were understood to have run the rule over the company's assets.
However, according to Bloomberg, Bollore said in a memo to employees: "Given the recent press coverage... and the questions we've received from colleagues and clients, we want to clarify that we are not in discussions with WPP."
At 1220 GMT, WPP shares were down 2.7% at 311.40p in a sharply lower London market.
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