The Interpublic Group of Companies Inc. (NYSE: IPG) is giving back on Friday’s gains after hopes of an acquisition have been put on the back burner. Publicis was quoted over the weekend as having said that it has not had any merger or acquisition talks that would create an advertising superpower.
Reuters noted on Publicis Groupe SA, “The French advertising agency said it had not held talks with U.S. rival Interpublic Group, formally denying a press report that had boosted Interpublic’s shares by 13 percent.” Publicis shares were up about 1% on last look in local Paris trading.
Shares of The Interpublic Group of Companies Inc. (NYSE: IPG) went from less than $10 to $10.97 on Friday, but the stock is indicated down about 11% at $9.77 in active trading so far this morning. The advertising agency’s 52-week trading range has been $6.73 to $12.17 and it trades about 7.5 million shares per day.
Publicis is worth about 7 billion euros, according to Yahoo! Finance, and Interpublic’s market cap at the close of Friday was $4.8 billion without considering today’s drop in the share price.
JON C. OGG