Cheil Worldwide Inc., an advertising unit of Samsung Group, said Tuesday that its negotiations to sell a controlling stake to Publicis Groupe SA, a French advertising company, have ruptured.
The company, part of the country’s largest family-controlled conglomerate, said there are currently no talks under way with any other firm.
"Talks between main stakeholders and the global advertising agency ended without a specific conclusion," the company stated in a regulatory filing.
Earlier, media reports circulated that Cheil Worldwide was discussing the stake sale with four companies, including a large Chinese property developer and a South Korean private equity fund.
The attempt to sell off Cheil Worldwide has been pushed as part of Samsung's drive to dispose of non-core businesses. Samsung C&T Corp., the group's fashion and trading arm, and Samsung Electronics Co. each own a 12.6 percent stake of Cheil.
"The talks broke down as there was no conclusion in many ways despite discussion with Publicis," said a Samsung C&T official. (Yonhap)
