Cordiant Communications, the embattled advertising group jumped 21.7% to 7p after the weekend newspaper reports that it was set to announce the disposal of its Public Relations group Financial Dynamics, and its Australian business, George Patterson Bates, in a move which will raise 50m for the company.

According to the Independent on Sunday, Cordiant has been negotiating with the management of Financial Dynamics for at least three months about a buy-out, and it is understood an agreement has been reached to sell the group for 25 m. George Patterson Bates, meanwhile, is being bought by venture capital group Pacific Equity Partners for 25.4m, though Cordiant will retain a 20% stake, the paper said.

Big press rumours over the weekend of counter bidders but will it be above 3p?