Prospective buyers line up to compete for Cordiant assets

The fate of the beleaguered Cordiant could be resolved within the next few days, although its future ownership - or even survival - remains an open question.

Industry sources say the group is in advanced negotiations with a number of interested parties including Publicis Groupe, led by its chairman, Maurice Levy, venture capitalists and other communication supergroups.

Insiders say any sale is complicated by the desire of David Hearn, Cordiant's chief executive, to sell the group's core operations, including the Bates network and the marketing services specialist 141, as a package.

Cordiant is understood to be reluctant to dispose of 141 separately for fear that Bates, with few significant pieces of global business, will become unsellable.

A major turn-off for potential bidders is Cordiant's £250 million worth of debt.

A key factor will be the attitude of the group's bankers, who have agreed to provide continuing financial support until 15 July. They must decide if they will "take a hit" on some of the debt to give the Cordiant companies a secure future.

A key question is whether potential buyers such as Publicis, which would like 141 to plug its weakness in marketing services, will wait to see if Cordiant goes into administration to get the specialist operation at a knock-down price.

Topics

Become a member of Campaign from just £45 a quarter

Get the very latest news and insight from Campaign with unrestricted access to campaignlive.co.uk ,plus get exclusive discounts to Campaign events

Become a member

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an Alert Now

Partner content

Share

1 Why creative people have lost their way

What better way to kick off Campaign's relaunch than with another think piece on the current failings of our industry, written by an embittered, pretentious creative who misses "the way things used to be"...

Share

1 Job description: Digital marketing executive

Digital marketing executives oversee the online marketing strategy for their organisation. They plan and execute digital (including email) marketing campaigns and design, maintain and supply content for the organisation's website(s).