His family has a 3% stake in Havas, gained after it sold its Spanish media business to the French conglomerate. Rodés Vilà brings a cautious approach to Havas, particularly when
compared to the former management's acquisition binge. "The previous management team went on a shopping spree in the late 1990s, spending 3 billion Euros ($4.7 billion at current rates) on 192
agencies in three years," says. "They were buying anything that moved, even at the time of the bubble."
As a result, in 2003, the company said 50 of its companies were underperforming and it posted a €396 million ($617 million) loss. "As a shareholder, we weren't happy and thought we'd sell our stake," he remembers. "Then Bolloré came in and we changed our minds."
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