WPP (LSE:WPP) saw its shares fall roughly 3% on Tuesday after Havas Group publicly denied media claims suggesting the two advertising giants had explored merger options or potential investment deals.
The drop came after reports from The Times and other outlets indicated that Havas — along with private-equity firms such as Apollo Global Management and KKR — had assessed a range of possible transactions involving WPP. These scenarios reportedly included anything from the acquisition of a minority stake to a full buyout or bids for selected divisions.
WPP has been under persistent pressure throughout the year. Its market capitalisation has slipped to around £3 billion, and the company has issued profit warnings while undertaking a broad restructuring led by its new CEO, Cindy Rose.
Havas moved quickly to quash the rumours. In an email sent to employees on Monday and obtained by Bloomberg, CEO Yannick Bolloré said the company was “not in discussions with WPP.” He added that Havas remains focused on smaller, targeted acquisitions rather than large, transformative deals like those described in recent reports.
The clarification dampened the takeover speculation that had driven WPP’s share price higher in the previous session. Analysts noted that Tuesday’s reaction reflected investors’ uncertainty over WPP’s strategic direction and the lack of clarity around any potential dealmaking.
Private-equity interest in WPP has resurfaced periodically in recent months, largely due to the group’s depressed valuation and rapid industry shifts toward data-driven, technology-enabled, and AI-powered marketing services. However, no firm has publicly confirmed active negotiations.
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