By Nadya Masidlover
PARIS--Groupe Bolloré, the conglomerate controlled by French
billionaire Vincent Bolloré, has sold a EUR601 million ($655
million) stake in Havas SA, the French advertising group run by Mr.
Bolloré's son, Yannick.
The sale of a block of 93.9 million shares, equivalent to a
22.5% stake, at EUR6.40 a share was larger that the 17% tranche
Bolloré had originally intended to sell, the company said on
Thursday.
Demand from institutional investors for stock in France's second
biggest advertising group was such that the group decided to sell a
bigger stake, Bolloré said.
After the sale, Bolloré continues to hold around 60% of the
capital in Havas, one of Europe's biggest advertising agencies
behind WPP PLC of the U.K. and France's Publicis SA. The company
said it has entered a one-year lock up agreement for the remaining
Havas shares.
The change in Havas' shareholding comes as Vincent Bolloré
himself is in the spotlight as chairman of Vivendi SA where a U.S.
activist fund wants the media group to boost shareholder returns
and clarify its strategy ahead of next month's annual meeting. Mr.
Bolloré owns 8.2% of Vivendi whose main assets include
pay-television unit Canal Plus and Universal Music.
Write to Nadya Masidlover at nadya.masidlover@wsj.com
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