Advertising group Publicis denied market talk today that it was poised to bid for British rival Aegis.
"Following rumours on financial markets . . . regarding a possible offer from the Publicis Group for Aegis Plc, the group wants to say that these rumours are unfounded," the statement said.
Traders cited talk of bid interest from Publicis at 170 pence per share, and one Paris trader had said there was speculation Publicis could make a joint offer with rival Havas for the British company.
Aegis shares rose 3.8 per cent to 145-1/4 pence on Monday, their highest in over a year, but had pared some of their gains after the statement.
Earlier this afternoon, they were up 1.6 per cent at 142-1/4 pence.
Publicis shares were up 1.03 per cent at €32.49 in Paris.
In November, Publicis Chairman Maurice Levy said the company would not look at Aegis for as long as French financier Vincent Bollore was a shareholder in the British media buying company.
Mr Bollore has built a stake of around 29 per cent in Aegis and has said he would like to see Aegis work more closely with Publicis rival Havas. Bollore is the top shareholder and non-executive chairman of Havas.