ISS Backs Havas Against Bolloré

BOSTON Advisory firm Institutional Shareholder Services has issued a report recommending that Havas shareholders reject an effort by corporate raider Vincent Bolloré to place himself and three associates on the board of directors of the French holding company.

Bolloré, who owns more than 20 percent of Havas, is seeking seats for himself, Thierry Marraud, Marc Bebon and Cedric de Bailliencourt [Adweek Online, April 22].

Havas has urged investors to vote against that request, which will be taken up at a June 9 shareholder meeting in Paris.

In its report, ISS said Bollore has not put forth a detailed strategy for the company should he attempt a corporate takeover. Bolloré has said he has not immediate intention of attempting to gain controol of Havas.

The company owns Arnold, Euro RSCG and Media Planning Group.

—Adweek staff report