Chime and Freuds move to dismiss takeover rumour

Freud Communications has poured cold water on mounting media speculation that the firm is to be taken over by Chime Communications.

Freuds director Oliver Wheeler described Chime chairman Lord Bell and Freuds founder Matthew Freud as 'old mates', admitting: 'It's true as an agency we're always in discussions with someone or other, but talk of a takeover or merger is categorically denied.'

However, senior Chime sources suggested the FTSE-listed firm is keen to proceed with a deal to buy out the agency within time, but - as with its effort to acquire financial agency College Hill Associates - the move has been put on hold due to adverse capital market conditions.

Freuds' board bought the agency back from marketing group AMV in July last year at a cost of £10m (PRWeek, 6 July), the same price paid for the agency seven years earlier.

Freuds sources described the continued rumours - which were first reported in The Sunday Times and continued throughout this week - as 'annoying', while Lord Bell declined to comment on the mounting speculation.

Freuds sources accepted that the two agencies have a history of working closely together, and refused to discount the possibility of the two agencies collaborating on a project later this year.

It is understood that the two agencies refer new business leads to each other when there is a clash with their own existing clients.

- Leader, p8.

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Latest Articles

Max Clifford trial jury to reconvene tomorrow after majority verdicts direction

Max Clifford trial jury to reconvene tomorrow after majority verdicts direction

The jury in the trial of celebrity publicist Max Clifford on 11 charges of indecent assault has been sent home for the day after being told by the judge earlier this afternoon that he will now accept majority verdicts.

Labour "fooling themselves" over plans to combat attacks on Miliband

Labour "fooling themselves" over plans to combat attacks on Miliband

Conservative-leaning public affairs experts have questioned the value of Labour's adoption of US-style campaigning tactics in the wake of the opposition hiring election strategist David Axelrod.

PLMR appoints Professor Tim Morris as non-executive director

The vet who helped establish the British Horseracing Authority's anti-doping and animal welfare programme has joined PLMR as a non-executive director.