FD International plans MBO bid in Cordiant sell-off

FD International bosses are poised to launch an MBO bid as parent firm Cordiant Communications this week began breaking up the troubled marcoms firm.

FD insiders said that while negotiations have not yet started, the management team is hoping to see an MBO launch before the summer.

Cordiant, which last week appointed Nigel Stapleton as chairman, is in talks to sell its Australian operation in a move widely seen as the beginning of a long-awaited break-up plan.

It is widely rumoured that the firm aims to sell-off many of its valuable assets to shore up its battered balance sheet.

Sources suggest Cordiant would consider selling FD International - which owns flagship UK agency Financial Dynamics - alongside a number of other candidates for disposal, including a minority stake in Zenith Optimedia and a controlling share in German ad agency Scholz & Friends.

FD International chief executive Charles Watson declined to comment.

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