Havas boss David Jones is sticking to his policy of shopping in the bargain basement of marcoms land, with Don Elgie’s Creston mini-marcoms outfit revealing that the French-owned firm has bought six per cent of its shares.
News emerged of Havas stakebuilding over the weekend.
Creston, whose shares have risen accordingly, is now valued at about £43m so a bid wouldn’t stretch Havas resources. Jones said a while back that he had $750m to invest and, although he has a made a number of smallish acquisitions recently, including controversial US crowd-sourcing agency Victors & Spoils, there is still plenty left in the pot.
Creston has done well to survive as long as it has in a market buffeted by the financial crisis. A couple of years ago it sold flagship ad agency DLKW to Lowe & Partners for about £20m, investing the money in digital firms and high-margin healthcare marketing.
Havas itself is thought to be on the menu for marcoms land’s bigger carnivores, looking a likely target for US giants Omnicom and Interpublic, the latter itself a target for Publicis Groupe according to some accounts (including ours).