The two-dimensional Q-state Potts model with real couplings has a first-order transition for Q>4. We study a loop-model realization in which Q is a continuous parameter. This model allows for the collision of a critical and a tricritical fixed point at Q=4, which then emerge as complex conformally invariant theories at Q>4, or even complex Q, for suitable complex coupling constants. All critical exponents can be obtained as analytic continuation of known exact results for Q≤4. We verify this scenario in detail for Q=5 using transfer-matrix computations.
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