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Has Ojjeh struck again at Cordiant?

13 April 2012

SYRIAN-BORN multimillionaire Nahed Ojjeh is thought to be the mystery buyer who has snapped up a further 2.1% of Cordiant and failed to disclose the deal to the stock market.

Ojjeh, already under investigation for keeping quiet while she built a 10.75% stake in Cordiant, appears keen to continue her buying spree.

The London Stock Exchange said 8.76m shares were bought at 3 3/4p on Wednesday night - or 2.1% of the group.

The buyer has still not confirmed the purchase - breaching Takeover Panel rules as Cordiant is in an 'offer period' following a bid by WPP.

The Takeover Panel has expanded its investigation into Ojjeh to consider whether parties are acting in concert to try to take control of Cordiant. Ojjeh has a 1% stake in French advertising firm Publicis, which is keen to stop WPP proceeding with its bid.

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