Havas CEO Yannick Bolloré on Monday shut down speculation that his company was exploring a deal with WPP, telling workers in an inside memo that the French holding group is “not in discussions” with its British rival.

The clarification comes two days after stories broke in a number of shops, including ADWEEK, that Havas had held discussions with WPP about taking a minority stake within the enterprise—rumors the corporate beforehand declined to touch upon.

On Monday, The Guardian reported that WPP shares rose 11% on the speculation, marking the largest bounce on the FTSE 100 that day.

Within the workers memo, reviewed by ADWEEK, Bolloré mentioned the rumors had prompted questions from workers and purchasers and warranted direct clarification. “It’s our coverage to not touch upon market rumors, nevertheless… we need to make clear that we aren’t in discussions with WPP,” Bolloré wrote.

He additionally emphasised Havas’ current efficiency, together with Q3 natural income progress of three.8%, and mentioned the corporate’s acquisition technique stays centered on smaller, focused “bolt-on” offers. Nonetheless, he left the door open to bigger acquisitions “aligned with out technique,” including “there are at the moment no ongoing discussions of that nature.”

The hypothesis surrounding Havas and WPP comes throughout a interval of consolidation within the promoting business. Omnicom’s $13.5 billion acquisition of Interpublic Group is anticipated to shut this month, cementing the biggest company holding-company merger in historical past. In the meantime, Dentsu is exploring a sale of its worldwide operations.

WPP’s market worth has fallen from £25 billion in 2017 to about £3 billion at this time, putting it liable to falling out of the FTSE 100.

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Under is the complete memo Bolloré despatched to workers:

Pricey all,

It’s our coverage to not touch upon market rumors, nevertheless, given the current press protection amplifying these rumors and the questions we’ve acquired from colleagues and purchasers, we need to make clear that we aren’t in discussions with WPP.

As , Havas has delivered robust outcomes over the previous months in a world stuffed with uncertainties. In Q3, we achieved natural progress of +3.8%, outperforming the market, reflecting outstanding shopper wins and expanded collaborations with long-standing companions. Because of your dedication and vitality, we proceed to bolster our market place and drive progress.