PARIS: Vincent Bolloré, the chairman of Havas, has announced he is no longer interested in securing representation on the board of Aegis, as the improved performance of the marketing communications group means it has ceased to be "an important point of concern."
The French investor's company, Groupe Bolloré, holds a 29.9% share in Aegis, and he has repeatedly attempted to gain positions for his representatives on the latter's board in the last few years.
However, Bolloré now argues he is "very reassured" about the direction Aegis is taking under John Napier, who has also previously spoken out in praise of the activist shareholder.
However, when asked about a potential merger between the two companies, Bolloré argued that "Havas does not need Aegis to live," but admitted that many observers believe it would "live better" in a partnership with its rival.
Groupe Bolloré's net profit fell to €50 million ($66m; £45m) in 2008 from a total of €322m the previous year, partly due to the decline in value of the two adland holding groups.
Data sourced from Financial Times; additional content by WARC staff