Paris-based Renault has handed its pan-European media planning and buying business to Carat. The account is estimated to be worth around $700 million (€815m) annually and has been awarded for an indefinite period.

Carat, owned by the London-headquartered Aegis Group, will be responsible for all Renault media activity in sixteen European states, including Belgium, France, Germany and the UK. Carat insiders says that the win is the agency’s biggest this year.

The shop appears to have reassured both Renault and its existing client, rival French carmaker PSA Peugeot-Citroen, that any conflicts can be resolved. Carat handles business for the latter in the Argentine, Belgian, German and UK markets.

Meanwhile, all goes well for Aegis on the fiscal front. The group yesterday reported a 19% increase in half-year, pre-tax, profit to £34.7 million ($48.82m / €56.9m), with revenues 73% higher at $299 million. Net new billings stood at $1.03 billion.

News sources: Wall Street Journal / Advertising Age - International Daily