Havas Said to Be in Talks to Buy Rival Cordiant
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Havas, whose clients include Nike Inc. and Airbus, is in talks to buy British advertising rival Cordiant Communications Group for as much as $1 billion, the Observer reported, citing an unidentified person.
Havas spokesman Simon Gillham declined to comment.
Cordiant’s board has welcomed the offer, which may be announced within two weeks, the Observer said. The purchase would boost Havas’ sales by about 42% and add clients such as Nokia. Cordiant, which was unprofitable in 2001, is worth $588 million based on Friday’s closing price.
Pressure has been increasing on Havas to expand after French rival Publicis Groupe agreed to buy Bcom3 Group earlier this year to become the world’s fourth-biggest advertising company.
London-based Cordiant owns the company that created the “M&M;’s melt in your mouth, not in your hands” campaign.
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