Havas Advertising is to extend its 45% holding in Spanish media network Media Planning Group by purchasing the remaining shares.

In return for the additional 55%, Havas will issue 28.8 million shares plus 51m euro (£32.53m), giving its partners in MPG (Grupo March, BSCH, BBVA and Rhodes Family) a 9.3% stake in the advertising group.

Under the full control of Havas, MPG will continue to be headquartered in Barcelona and ceo Fernando Rodes Vila will join the Havas board.

“We are very excited about this new step in our relationship with Media Planning Group,” enthused Havas chairman/ceo Alain de Pouzilhac, “Through almost two years of partnership with Media Planning Group, we have learned that we share a common philosophy and culture, and the same drive for excellence in servicing our clients.”

News Source: CampaignLive (UK)