Advertising giant WPP and US private equity group Hellman & Friedman today aborted plans to bid for UK media buying agency Aegis. Vincent Bolloré, the French billionaire who has been building a stake in Aegis, was cleared to launch his own bid.

WPP said in a statement it had no intention to make an offer for Aegis after an indicative offer proposal it presented to the company's board was rebuffed.