WPP Eyeing Grey?

WPP Group is reportedly looking at Grey Global Group but hasn't made an offer.

The Wall Street Journal reports that London-based WPP may review Grey's assets, but faces a potential client conflict between WPP's work for Unilever and Grey's long-time relationship with Procter & Gamble.

New York City-based Grey hired Goldman Sachs late last month to review options, including sale of the $1.3 billion agency network (June 29 Xtra).

Publicis Groupe, which handles P&G business, is thought to be a good fit for Grey. Last summer Publicis lost out to WPP in contentious bidding for the ailing Cordiant Communications, which WPP bought in August 2003.