Bollore (ENXTPA:BOL), La Société Industrielle et Financière de l'Artois (ENXTPA:ARTO) and Compagnie du Cambodge (ENXTPA:CBDG) made an offer to acquire remaining 63.8% stake in Havas (ENXTPA:HAV) for €2.6 billion in stock on October 17, 2014. A split by 100 of Bolloré shares will be effective at the same time as the opening of offer. Bolloré SA and others will exchange 1 pre split Bolloré shares for 55.56 Havas shares and 1 pre split Bolloré shares for 119.35 Havas BSAARs. The Bolloré shares offered in exchange for Havas' shares would be firstly the existing Bolloré shares held by Société Industrielle et Financière de l'Artois and Compagnie du Cambodge and secondly Bolloré newly issued shares. Bollore does not have the intention of implementing a compulsory squeeze-out procedure for Havas shares after the offer. The offer should exceed the minimum acceptance threshold of 50%. Havas' board of directors recommended to its shareholders on November 17, 2014, to bring their securities to the offer. On November 25, 2014, Vincent Bolloré directly and indirectly held 36.07% of the capital and the voting rights of Havas. As of November 26, 2014, the French Financial Markets Authority (AMF) has given its green light to the public exchange offer. As of November 28, 2014, The Public Exchange Offer for Havas will start on December 1, 2014 until January 9, 2015. As of January 14, 2015, Bolloré Group owns nearly 72.98% of Havas. The public exchange offer will be reopened from February 2, 2015 to February 20, 2015 to acquire the remaining stake. As of January 14, 2015, 152.428 million Havas shares and 2.534 million BSAARs(2) were tendered during the offer which took place from December 1st 2014 to January 9th 2015. Upon completion of the offer, 66.3% of the Bolloré share capital will be controlled by Financière de l'Odet. Compagnie du Cambodge and Société Industrielle et Financière de l'Artois no longer own any Bolloré shares. As of November 26, 2014, deal was approved by Havas's board.

Mediobanca Banca di Credito Finanziario S.p.A. acted as financial advisor for Bollore. Pierre Servan-Schreiber and Pascal Bine of Skadden acted as advisors for Mediobanca Banca di Credito Finanziario S.p.A. Gilles d'Halloy, Bertrand Peyrelongue, Bernard Vignoles, Françoise Poujetoux, Thibaut Verdier, Elodie Froidure and Marc Bessone of Crédit Agricole Corporate and Investment Bank S.A., BNP Paribas Corporate Finance and Barber Hauler Capital Advisers, SAS acted as financial advisors to Bollore. Natixis (ENXTPA:KN) acted as a financial advisor to Havas. Sorgem Evaluation acted as independent evaluer. Aline Cardin of Clifford Chance France acted as legal advisor and Sorgem Evaluation acted as financial advisor to Havas (ENXTPA:HAV).

Bollore (ENXTPA:BOL), La Société Industrielle et Financière de l'Artois (ENXTPA:ARTO) and Compagnie du Cambodge (ENXTPA:CBDG) completed the acquisition of additional 36.9% stake in Havas (ENXTPA:HAV) for €1 billion in stock on January 9, 2015.