Groupe Bollore CEO says no chance of Aegis board seats

LONDON - Vincent Bollore's investment company Groupe Bollore has admitted it has no chance of gaining the two seats on the Aegis board it requested in May this year.

Bollore is trying to win two seats on the board for his representatives, Roger Hatchuel and Philippe Germond, but has been blocked at every turn by Aegis despite owning 29% of the company.

An Extraordinary General Meeting has been called on November 22 by the Aegis board to address the request for board representation.

Speaking of the meeting, Cedric de Bailliencourt, Groupe Bollore chief executive, said: "We don't expect anything out of the EGM, but whatever the outcome we will continue to explain why we believe our proposal can bring something to the company."

In June, Bollore lost his bid to win the two seats after 58% voted against his candidates at the company's Annual General Meeting.

Last week, Aegis strengthened its hand against Bollore and his bid to win the two seats after the media network revealed that it had received backing from a number of major investors.
 
Aegis, which owns media agencies Carat and Vizeum and research company Synovate, said it had received a joint letter from the majority shareholders, including Fidelity International, Standard Life and Henderson Global Investors in opposition to Bollore's request.

Earlier this month, Havas reported revenue growth of 0.6% to €343m (£230m) for the third quarter of 2006, during which the network won the whole of Reckitt Benckiser's $1.5bn (£790m) global business and won Danone's $100m US media account.

Organic revenue growth was 1.9% and driven by the performance by the holding company's Euro RSCG and Media Planning Group divisions.

Aegis revenues were up 19.1% for the first half of 2006, while pre-tax profits were ahead 15.2%.

The network's revenues rose to £463m from £389m the previous year.

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