Bollore supporter revealed as Malaysian billionaire

LONDON - Vincent Bollore's unsuccessful bid for two seats on the Aegis board was supported by a Malaysian billionaire who has quietly built up a 2.26% stake in Aegis.

The Daily Telegraph has today revealed that EFL, a Manila-based company owned by Ananda Krishnan Tatparanandam, voted with Bollore at last week's Aegis AGM.

Tatparanandam is believed to be worth $4bn (£2.2bn) and is Malaysia's second richest person. He built the Petronas Twin Towers, currently the world's second tallest building, and has invested in entertainment, telecoms, oil, power, shipping and media.

EFL and an unknown European investment fund holding 0.5% of Aegis shares is believed to have cast the only additional votes in support of Bollore's board candidates Philippe Germond and Roger Hatchuel, according to the Telegraph.

The majority of shareholders supported the board's view that, as chairman of Aegis' rival Havas, it would be a major conflict of interest for Bollore to have board representation.

Bollore's 29.12% stake in the company enabled him to vote down two minor resolutions in a shot across the company's bows, and he appears determined to make a second attempt for seats, saying he would lobby shareholders and call another extraordinary meeting in the autumn.

EFL began acquiring Aegis shares last summer through a Goldman Sachs nominee account, around the time that Bollore started buying into the media and market research group.

Although EFL's stake has remained below the 3% level at which it would have to be publicly declared, Aegis identified the company as a shareholder last July. It requested Goldman Sachs disclose its nominee account holders after it noticed that one was buying a large number of shares.

After identifying EFL, Aegis wrote to the company last August and received a reply that EFL was not acting in concert with any other party.

If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .

Market Reports

Get unprecedented new-business intelligence with access to ±±¾©Èü³µpk10’s new Market Reports.

Find out more

Enjoying ±±¾©Èü³µpk10’s content?

 Get unlimited access to ±±¾©Èü³µpk10’s premium content for your whole company with a corporate licence.

Upgrade access

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an alert now

Partner content