Havas is reportedly in early talks about a deal involving WPP.

The French network has expressed an interest in its U.K. rival, as have private equity firms Apollo and KKR, according to The Times of London.

One senior advertising exec told ADWEEK the two sides were in “very serious” discussions, currently centered on how to value WPP. They suggested that Havas was eyeing a minority stake in the business rather than exploring a full-blown merger.

Both Havas and WPP declined to comment, telling ADWEEK they “do not comment on speculation.” At the time of writing, Apollo and KKR did not respond.

Outsider investors have been circling WPP for months. Earlier in November, U.K.-based investor Redwheel acquired a 5.25% stake in the holding company. It was also reported earlier this year that co

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