• International Herald Tribune, Monday, November 20, 2006 10:45 AM

Shareholders of Aegis, the largest buyer of ad space in Europe, will gather Wednesday in London to consider a proposal they already rejected six months ago. The meeting was demanded by French investor Vincent Bolloré, the company's largest shareholder, who owns a 29% stake and wants to put two of his people on the board.

Aegis, noting that Bolloré also owns a sizable stake in rival Havas--and serves as its chairman--wants nothing to do with his nominees. If those arguments sound familiar, writes Eric Pfanner, "it is because they are exactly the same ones that were made six months ago, involving an identical proposal. Shareholders rejected Bolloré's nominees, Roger Hatchuel and Philippe Germond, in June and analysts expect them to do so again." So why does a rerun matter?

As the advertising industry grapples with the effects of the digital-media revolution, Aegis is seen as one of the best-positioned players, with a big presence in fast-growing areas like Internet advertising and less exposure to the sluggish, traditional ad businesses.

Read the whole story at International Herald Tribune »