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Publicis Groupe has ruled out a bid for Grey Global but has failed to dampen speculation that it could go after key parts of the company should it be sold and broken up.
Maurice Levy, the Publicis chairman, this week appeared to have left the way clear for Sir Martin Sorrell's WPP to make a play for Grey after declaring that his company was unlikely to bid.
However, in an interview with the French newspaper Le Figaro, Levy qualified his lack of interest by saying it was not necessarily in the best interests of Publicis 'to make a possible offer for the whole of Grey Group'.
Observers suggest Levy may be pinning his hopes on Grey's eventual sale to …