Hotline: Matthew Freud buys stake in M&C Saatchi

Matthew Freud, the owner of Freud Communications, has bought a 3.3 per cent stake (2.04 million shares) in M&C Saatchi.

Freud said that the investment is personal and is not related to his company, which is 50.1 per cent owned by Publicis Groupe. At the time of the purchase, M&C Saatchi was trading at 24p per share, down from a high of 169p per share in April 2007.