South Africa, Nov. 18 -- Turbulent time

The reports arrived at a turbulent time for WPP, which has seen its share price fall more than 60% this year and is undergoing significant restructuring under its new chief executive, Cindy Rose. The combination of WPP's depressed valuation and broader consolidation in the sector - highlighted by Omnicom's move to acquire IPG - fuelled talk of opportunistic investment.

But Havas chief executive Yannick Bollore moved quickly to shut down the speculation. In a memo to employees, he stated plainly that Havas "is not in discussions with WPP," contradicting claims that exploratory talks were underway. He said the group remains open to acquisitions aligned with its long-term strategy but emphasised that...