More details are emerging about Havas’ planned float in Amsterdam after a demerger from Bolloré-controlled Vivendi.
At first it looked as though Havas, the smallest of the big ad holding companies, would be a sitting duck for a predator, most likely private equity. But the key to the Amsterdam listing appears to be a so-called ‘stichting’ mechanism intended to prevent unwanted approaches or stake building. The Bollorés will control 30% of Havas.
Yannick Bolloré (above) says the listing will allow Havas to consider “significant” M&A deals using its independent shares as currency. He told the FT: “If you open up the idea of paying part in shares, you can have bigger potential targets. We don’t have any discussion with significant partners today but it’s the kind of opportunity that could be opened up.”
Havas has 23,000 staff in more than 100 countries and about €3bn in revenues. Its most recent noteworthy deal was buying a majority share in the UK’s Uncommon Creative Studio in a deal that could be worth up to £120m.
The Vivendi demerger has still to be approved by existing shareholders (Canal+ is also to go its own way) but the Bollorés are clearly in the driving seat. A successful demerger and the M&A opportunities that may come with it would be a welcome addition to the global ad holding company picture with the likes of WPP, Interpublic and Dentsu retrenching as they try to wring growth out of their far-flung empires.
