Chief executive of WPP, Sir Martin Sorrell, has this morning confirmed he has been involved in discussions with Havas’ financier, adding further uncertainty to the French group’s future.
After losing out in the bidding war for Grey Global Group to WPP, reports suggest that Havas is looking like an increasingly vulnerable take-over target, rumours that will be further fuelled by Sir Martin’s admissions that he has spoke to its financier, Vincent Bollore, who has twice recently increased his stake in Havas (see
WPP Wins Battle For Grey With £845 Million Bid).
In an interview with the Guardian, Sir Martin said that he and Bollore ‘have been in touch’ and when prompted for further details of what was discussed he said: “The weather … that’s spelt w.h.e.t.h.e.r” – hinting at whether Havas will be taken over.
Mr Bollore, who is now the single largest shareholder in Havas, after increasing his stake to nearly 14% over the past few weeks, has widely criticised the group’s chairman, Alain de Pouzilhac, who is expected to face calls to step down from his role after losing out on the Grey bid.
Although Sir Martin made reference to his interest in Havas during the interview, he also said that WPP was in no rush to make any further acquisitions and ‘was very focused on Grey and making sure that works’.
Over the past 12 months, Havas has experienced an impressive turnaround, as profits rose to â‚Ź14 million during the first half of this year, compared to a net loss of â‚Ź58 million for the same period last year (see Havas Back In the Black).
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