Havas To Delist From U.S. Stock Exchange
Jun 21, 2006, 8:17 AM
Havas, the Paris-based parent of MPG, Arnold Worldwide and other agencies, Wednesday said it will cease trading shares of its common stock in the U.S. Effective July 28, Havas said its American Depositary Shares (ADS) and Receipts (ADR) would be delisted from the Nasdaq market. Havas, which is controlled by French financier Vincent Bollore who also has been gaining influence within U.K.-based Aegis Group, said it was delisting in the U.S. because of the administrative costs associated with trading shares in the market. It also said it has no plans to act on a notification from Nasdaq earlier this month about its non-compliance with the exchange's audit committee requirements following the resignation of three Havas board members and audit committee directors.