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| 08.10.04 | |
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Predators vs. speculators
Just what should people make
of the latest developments at Havas?
The latest manoeuvrings between the international agency networks are being closely watched by the financial community at least as much as the advertising industry itself. Following the acquisition of Grey by WPP, attention has turned to Havas, owner of Euro RSCG, and its 'rogue shareholder Vincent Bolloré. Is a takeover bid by Publicis imminent, in league with Bolloré? Will WPP add it to its ever growing empire? In an editorial from October 4th, entitled 'Predators vs. speculators', Christian Blachas, editor of the French advertising magazine CB News, gives his insight. |
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On one side, clinging firmly to its branch, saliva trickling from its beak, the predator. On the other, comfortably installed in an armchair, surveying his pile of money which continues to grow, day after day, the speculator. In the middle, and playing the role of conscious prey, a president trying out maneouvres designed to divert and looking for objective allies who might save his skin. This scenario, more than just a caricature, is the one we have now. The trio of players: Sorrell, Bolloré and Pouzilhac, ready for the third act - which should be the last - in this novelesque work entitled "The Exceptional Destiny of the Havas empire". There is on doubt that after having swallowed the large prey that was Grey, Martin Sorrell has his sights firmly set on Havas. Not yet satisfied, this man Sorrell. Like Messier in his time, he wants to be master of the world, the absolute no. 1 in worldwide communications. He is ready to do anything in order to achieve this position. Well, almost. That's what he has done by making people think he was in contact with Bolloré. Is it true? Is there collusion between the two men? We simply don't know. All we can think is that both have an interest in destabilising the management of Havas and all its other shareholders. On the other hand, however, their objectives are different. Sorrell, naturally, wants to pay as little as possible. And Bolloré, true to his character of champion of added value, wants to push bids up to the limit. His approach, if he succeeds, would undoubtedly be good financial move. If Sorrell's desire to acquire Havas appears clear, there nevertheless remains one question. Whether for financial or strategic reasons, WPP, if it manages to buy Havas, will very quickly have to dispense with certain assets. One can mention, for example, its media network. Rumours are currently running around that Sorrell may have contacted Maurice Lévy to ask if the latter was interested in (the media buying operation) MPG... As you can see, it's a bitter struggle. Havas is currently at the centre of a storm. Pouzilhac's margin in which to act is limited. He tries an audacious manoeuvre, such as a 'dangerous' move at chess, by increasing the company's capital. That doesn't destabilise Bolloré. Then, a new character enters into the game: Pierre Dauzier, ex-president of Havas, who appears to have been asked to taked over the supervisory board. Objective: reassure the world, and most notably Pouzilhac, who would maintain his position of operational president. Pouzilhac affirms that Dauzier is his friend. But what is he really trying to achieve? It is known that Dauzier is too close to Bolloré. Isn't Havas in the process of making its own remake of the novel "Havas, your miserable universe"? One thing is clear: right now, the future of the group - which forms part of French business heritage - is set to be determined. It may escape the claws of WPP. It may leave the field free to Pubilcis, which would then become the only French player on the chess board of global communications. The atmosphere at Havas must be pretty thin at the moment. |
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