Escalating a power struggle over global ad giant Havas, French corporate raider Vincent Bollore will seek four seats on the company’s board at a crucial shareholder meeting.
Bollore said yesterday he will ask shareholders to nominate him, along with three members of his management team, at the annual meeting on June 9.
A Havas spokeswoman confirmed that the company had received his proposal, adding that the board would evaluate it “soon.”
Last week, Havas issued its own resolution to add three new independent directors. If approved, the company’s board would expand from 13 members to 16, leaving little room for Bollore’s slate of nominees.
The move clearly pits Bollore, who has launched some of Europe’s most spectacularly profitable raids, against Havas Chairman and Chief Executive Alain de Pouzilhac, who has said he wants to ward off a “creeping takeover” of the company.
Bollore is now the largest investor in Havas after rapidly accumulating a 20 percent stake, leading to speculation that he plans to launch a takeover. In addition to demanding board representation, Bollore has criticized management and pushed for more oversight.
A spokesman for Bollore couldn’t be reached for comment.
Bollore had until today to meet a deadline imposed by French law for submitting a resolution to shareholders. Until yesterday, the enigmatic financier had largely ignored several requests from the company’s board to formally state his intentions.