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Cordiant shares suspended on LSE as bidding intensifies
MUMBAI: Top advertising groups are leaving no stone unturned in their bid to acquire troubled British ad agency Cordiant Communications. Trading in Cordiant shares was suspended this morning (16 June) on the London stock exchange even as the battle between rivals WPP and Publicis for control of the stricken advertising giant moved towards its end game.
The UK’s Guardian reports that the French ad giant Publicis, backed by American hedge fund Cerberus Capital is close to finalising a deal for Cordiant. Cordiant owns the Bates advertising agency as well as several other marketing groups including the Financial Dynamics PR agency.
The report also added that it seemed as if WPP had won the battle for control of the indebted company after topping a ?244m offer from Publicis, only for the French advertising group to regain the upper hand late last night. The pendulum swung when bankers involved in the deal were informed that Cerberus, which has been buying up large chunks of Cordiant debt over recent days, had entered into an exclusive side deal with Publicis.
According to the report, Publicis proposed a complex takeover deal whereby Cordiant would be temporarily placed in administration and the assets shared between the two predators. However, the deal will leave shareholders only ?10m, or around 2p per share, to divide between them.
Last month, Cordiant was forced to issue a devastating profits warning, leaving it with little option but to sell up after drinks group Allied Domecq said it was terminating its relationship with Bates. Cordiant warned investors that it did not have enough working capital to last the next 12 months, even if two recently announced asset sales went through. The management attempted to sell or recapitalise the company against the wishes of 14.1 per cent stakeholder Active Value.
Publicis is said to be interested in acquiring the company to reunite it with Saatchi & Saatchi. Another option was a debt-for-equity swap, with one report suggesting US hedge fund Cerberus had already acquired 40 per cent of Cordiant’s debt to line it up for such a deal.
NEW DELHI: Hamdard Laboratories gathered a cross-section of India’s achievers in New Delhi on Friday, handing out the Hakeem Abdul Hameed Excellence Awards to figures who have left their mark across healthcare, education, sport, public service and the arts.
The ceremony, attended by minister of state for defence Sanjay Seth and senior officials from the ministry of Ayush, celebrated individuals whose work blends professional success with a sense of public purpose. It was as much a roll call of achievement as it was a reminder that influence is not measured only in profits or podiums, but in people reached and lives improved.
Among the headline awardees was Alakh Pandey, founder and chief executive of PhysicsWallah, recognised for turning affordable digital learning into a mass movement. On the sporting front, Arjuna Awardee and kabaddi player Sakshi Puniya was honoured for her contribution to the game and for pushing women’s participation onto bigger stages.
The cultural spotlight fell on veteran lyricist and poet Santosh Anand, whose songs have echoed across generations of Hindi cinema. At 97, Anand accepted the honour with characteristic humility, reflecting on a life shaped by perseverance and hope.
Healthcare honours spanned both modern and traditional systems. Manoj N. Nesari was recognised for strengthening Ayurveda’s place in national and global health frameworks. Padma shri Mohammed Abdul Waheed was honoured for his research-backed work in Unani medicine, while padma shri Mohsin Wali received recognition for his long-standing contribution to patient-centred care.
Education and social development also featured prominently. Padma shri Zahir Ishaq Kazi was honoured for decades of work in education, while former Meghalaya superintendent of Police T. C. Chacko was recognised for public service. Goonj founder Anshu Gupta received an award for his dignity-centred rural development initiatives, and the Hunar Shakti Foundation was honoured for empowering women and young girls through skill development.
The Lifetime Achievement Award went to former IAS officer Shailaja Chandra for her long career in public healthcare and governance, particularly in the traditional systems under Ayush.
Speaking at the event, Hamdard chairman Abdul Majeed said the awards were a tribute to those who combine excellence with empathy. “These awardees reflect Hakeem Sahib’s belief that healthcare, education and public service must ultimately serve humanity,” he said.
Minister Seth struck a forward-looking note, saying India’s young population gives the country a unique opportunity to become a global destination for learning, health and wellness by 2047.
The ceremony also featured the trailer launch of Unani Ki Kahaani, an upcoming documentary starring actor Jim Sarbh, set to premiere on Discovery on 11 February.
Instituted in memory of Unani scholar and educationist Hakeem Abdul Hameed, the awards have grown into a national platform that celebrates those building a more inclusive and resilient India. For one evening at least, the spotlight was not just on success, but on service with substance.
