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UPDATE 1-Bollore "calm" despite failed Aegis board attempt
May 29, 2008 / 8:00 AM / 10 years ago

UPDATE 1-Bollore "calm" despite failed Aegis board attempt

(Adds Bollore comment on cash in paragraph 2)

PARIS, May 29 (Reuters) - Havas EURC.PA Chairman Vincent Bollore said on Thursday he remained “calm” despite his latest failed attempt at securing two seats on the board of British rival Aegis AEGS.L.

Bollore also told the annual shareholders’ meeting of Havas, the world’s sixth largest advertising group, that he favoured using cash to fund expansion over using cash to buy back shares.

Concerning the Aegis situation, Bollore did not say what his next move would be, such as whether he would renew his demand for board seats.

Last week, Aegis shareholders rejected for the fifth time in two years a request by French financier Bollore, its largest shareholder, for board representation.

Aegis said 91 percent of the votes not controlled by Groupe Bollore were cast against the two candidates, Philippe Germond and Roger Hatchuel.

Bollore owns 29.1 percent of Aegis. The UK company has urged investors to vote against his request as he is also chairman of Havas, a rival to Aegis. (Reporting by Cyril Altmeyer, Dominique Vidalon;; Editing by Greg Mahlich)

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