WPP (WPP) shares pared their gains Monday after Havas Chief Executive Officer Yannick Bollore denied reports that the company is in acquisition talks with the British advertising firm, Bloomberg reported Monday, citing an email sent to employees.

In his email, Bollore said Havas is focused on "targeted acquisitions" and could consider a larger deal, but there are currently no such discussions, according to the report.

Bollore's note to staff followed a Times article over the weekend saying Havas was interested in a possible bid for WPP, Bloomberg said.

WPP shares rose as much as 13% on Monday, the report said. The stock was still up 7.1% in recent trading Monday.

Havas and WPP did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 20.30, Change: +1.35, Percent Change: +7.12