March 26, 2015 / 8:30 AM / 4 years ago

Bollore sells 22.5 percent Havas stake for $662 million

Vincent Bollore, CEO of investment group Bollore, speaks during a news conference in London March 12, 2014. REUTERS/Olivia Harris

PARIS (Reuters) - French businessman Vincent Bollore’s holding group, Bollore SA (BOLL.PA), said it sold a 22.5 percent stake in media group Havas HAVA.PA at 6.40 euros per share to improve liquidity in the stock and reducing its own holding to around 60 percent.

The price was at the bottom of the 6.40-6.70 euro range reported by the placing’s bookrunners on Wednesday. It was at a discount of about 11 percent compared with Wednesday’s closing price of 7.19 euros.

The total amount sold was also more than the 17 percent announced on Wednesday.

Bollore said the sale involved 93.9 million shares and raised 601 million euros ($662.06 million).

Bollore raised its stake in Havas last year from 36 percent to around 83 percent through a public exchange offer of new Bollore shares for Havas stock. The company said at the time it intended to hold onto a stake well in excess of 50 percent.

Reporting by Andrew Callus; Editing by Leigh Thomas and James Regan

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