lbert Frere, the Belgian billionaire who owns a quarter of media giant Bertelsmann, has bought a stake in advertising group Havas, according to reports. The 78-year-old financier has reportedly built up a stake of up to 5 per cent in Havas. The reports added to the frenzied speculation surrounding the group, which has been viewed as a takeover target since it lost out to WPP in the bidding for Grey Global last month. Corporate raider Vincent Bollore has been steadily increasing his stake in Havas, and now has more than 22 per cent of the company. Bollore, who has asked for seats on the Havas board, has so far failed to explain why he has bought the shares.

Analysts have speculated that the two investors could be planning to work together, though Frere could also be aiming to support the present Havas management, led by chief executive Alain de Pouzilhac. ... more