Bollore tipped to raise cash to buy more Havas shares

CANNES - Vincent Bollore is planning to sell his Delmas shipping company to increase his 22% stake in Havas, according to Havas board member Jacques Seguela.

If Bollore raises his stake above 33%, then he would trigger an automatic takeover under French law.

Due to a deal between Bollore's company Bollore Investissements and another shareholder, Sebastian Holdings, which owns 4% of Havas, he currently controls 26% of the shares.

His Delmas shipping company is believed to be worth around $600m (£330m), although it is unclear how much money Bollore would be willing or have available to fund his stakebuilding in Havas. The sale is expected to be finalised by July 29.

Seguela's comments at the Cannes International Advertising Festival yesterday provide support for Bollore's contention that he is investing in Havas for the long term, a position which his opponent in the battle for control of the group, ousted chairman and chief executive Alain de Pouzilhac, refused to believe.

"Alain believes that Vincent Bollore is there to buy and sell. If that becomes true, he will have been right to fight against it. But now Vincent Bollore's position is that he will stay. He has sold his boats and has a strategy," Seguela said.

De Pouzihac resigned on June 21 after Bollore won four seats on the Havas board on June 9, but retains a board position.

As the turbulence continues, analysts have expressed concerns that Havas clients will walk away. The group is operating under interim chairman and chief executive Richard Colker, while apparently waiting for Omnicom to release its favoured replacement Jean-Marie Dru, the chairman of TBWA\Worldwide.

According to Seguela, Bollore has contacted all of Havas clients to tell them he will not break up the company.

Seguela went on to describe Havas' relationship to the bigger networks, particularly WPP, with an animal metaphor. WPP and Omnicom were elephants, while Havas and Publicis Group were "French tigers", capable of eating the elephants.

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