Havas CEO denies talks with WPP amid takeover speculation

The chief executive of France’s Havas has denied holding any discussions with WPP about a potential investment in the British advertising group, Bloomberg reported on Monday.

According to the media report, Havas CEO Yannick Bolloré told employees in an internal memo that the company was “not in discussions with WPP.” It quoted him as saying, “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.”

The clarification follows a report in The Times that cited sources claiming WPP had attracted takeover interest from Havas and private equity firms Apollo and KKR. The speculation contributed to a sharp rise in the agency’s share price, which closed more than 11% higher on Monday. Despite the jump, the stock remains down more than 60% so far this year and is trading near 27-year lows. The agency currently has a market valuation of about £3 billion ($3.95 billion).

The agency is undergoing an operational overhaul under its new chief executive, Cindy Rose, who has been working to streamline the business with a greater focus on data and AI.