ADVERTISING:French advertising agency Publicis said it had not held talks with US rival Interpublic Group, formally denying a press report that had boosted Interpublic's shares by 13 per cent on Friday.

"Following the speculations published by FT.comAlphaville and their resulting widespread publicity, Publicis Groupe denies having engaged in any discussions with Interpublic Group, and confirms that it has not commissioned any bank to undertake any such discussions," it said yesterday.

FT Alphaville had cited “usually knowledgeable” sources on Friday who claimed Publicis was weighing a bid for Interpublic which could be worth at least $6 billion.

The advertising industry is consolidating, with leaders snapping up internet-focused agencies.