French agency network Publicis yesterday bowed out of a potential bidding battle for control of Young & Rubicam.
According to Maurice Levy, Publicis chairman and ceo, both his group and WPP have supporters within Y&R and he didn't want to get involved in a bidding war: "There were people in favor of the WPP deal and people in favor of the Publicis deal", said. Levy. "We didn't want an escalation of bids. We needed to be very clear that the preferred deal was ours. We wanted exclusive rights of negotiation."
Publicis, cast by some as a white knight to fend-off WPP’s advances to Y&R, is thought to have withdrawn from the fray becauise of potential client conflict [Ford vs. Renault].
Sourced from: Advertising Age - Daily Deadline