Bollore takes stake in Aegis closer to 30%

LONDON - Vincent Bollore has upped his stake in Aegis to 28.81%, piling pressure on the company following its opposition to his attempt to gain two seats on its board.

The Havas chairman is now on the verge of acquiring the 30% stake that would trigger a mandatory takeover bid for Aegis under London stockmarket rules.

At some point yesterday Bollore increased his holding for the second time this week from 27.56% to 28.81%. The increase was disclosed today.

Yesterday the Aegis board told shareholders that Bollore's attempt to secure board seats represented a fundamental conflict of interest given his position as chairman of its rival Havas.

It decided to delay the company's May 24 AGM by three weeks until June 14 to give its shareholders time to consider the issue.

Bollore's move for board seats came on Wednesday's deadline for nominations. He nominated two candidates for the Aegis board, Philippe Germond and Roger Hatchuel, via his company Group Bollore.

This morning it emerged that the Aegis board has won backing from its second largest shareholder, Fidelity Investments. Fidelity says it will back Aegis after the media group yesterday said it would not support the board bid by Bollore.

There is speculation that Bollore could make an offer in conjunction with Sir Martin Sorrell, the WPP Group chief executive. WPP bid unsuccessfully for Aegis with private equity group Hellman & Friedman last November.

Yesterday, Bollore told ±±¾©Èü³µpk10 he wanted to work with Sorrell: "I would like to do something with Sorrell that's in our mutual interest."

Sorrell has made it openly known that he covets the Aegis-owned market research business Synovate, and would like the two to carve up Aegis between them with Bollore taking the media buying operations Carat and Vizeum.

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