Billionaire Bollore sees shares tank over ad takeover proposal
FRENCH billionaire Vincent Bollore saw shares in his listed group close down 11.5 per cent last night after unveiling plans to increase his stake in French advertising firm Havas, best known for working with Disney on its ad campaigns.
Group Bollore shares lost €43.70 each to tumble to €335.15 a share on the Paris stock exchange after investors shunned the idea of boosting its stake in Havas.
Bollore already owns 36.2 per cent of Havas, which is the world’s sixth-largest ad agency and works on Disney films such as Maleficent, starring Angelina Jolie (pictured).
Bollore has proposed that investors swap their stock in Havas for shares in his own company, and is offering a 19 per cent premium on the price to sweeten the deal.
Shares in Havas rose as much as 9.4 per cent in trading yesterday but fell back in late afternoon trading to close up 1.4 per cent.
“The offer highlights the confidence of Bollore in Havas’s strategy as an independent group among the world leading communication players,” Group Bollore said.