Aegis announces EGM as Bollore continues to press claims

by Darren Davidson, Brand Republic 16-Feb-07, 09:00

LONDON - Aegis has confirmed it will hold an extraordinary general meeting to vote on the election of two board nominees put forward by its largest shareholder Vincent Bollore.

Bollore, also the chairman and largest shareholder of French advertising group Havas, said on Tuesday he would ask Aegis for a shareholder vote on his bid for board representation, despite two earlier rejections.

Aegis will now write to its shareholders with details of another EGM, including a date and venue, and to set out the Board's view on Bollore's proposal.

Bollore, who owns a 29.1% stake in Aegis, wants his preferred candidates Roger Hatchuel and Philippe Germond appointed as independent directors of Aegis.

Up until now, Aegis chiefs have resisted the move, claiming board representation would have a conflict of interest with Aegis clients because of Bollore's interests in rival advertising network Havas.

It is believed Bollore favours aligning the Aegis media planning and buying networks with Havas' own media agency network, Media Planning Group.

The meeting will be the third time in less than 12 months that Aegis shareholders have been asked to vote on the same two directors proposed by Groupe Bollore, the holding group controlled by the Bollore family. Groupe Bollore has a 29% stake in Aegis worth about €730m.