Teneo, the communications consultancy co-founded by Tipperary man Declan Kelly, is no longer in the running to buy Apco, a US-headquartered public relations firm with more than 600 staff, according to the trade publication PR Week.
It reported last month that Teneo was vying with BlueFocus, a Chinese agency, to buy or invest in Apco, which has represented clients such as Merck during the Vioxx drug controversy.
Teneo declined to comment on the speculation.
The publication now reports that Teneo is now no longer in discussions to acquire Apco, a move that would have more than doubled the size of the firm.
Mr Kelly is a former Irish Examiner journalist and former chairman of the public relations company Financial Dynamics in Dublin.
He co-founded Teneo alongside Paul Keary and Douglas Band, a former adviser to Bill Clinton.
Teneo’s client list includes Fifa, the world governing body for football that has been struggling under the weight of an alleged corruption scandal. It hired Teneo at the height of the scandal during the summer.
