Havas formally denies Euro RSCG is for sale

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LONDON -- French communication and travel giant Havas has issued a statement in response to market speculation to say that Havas Advertising - parent to Europe's biggest ad agency Euro RSCG - is not for sale.

Rumors that Euro RSCG could be on the bidding block were rife last week as news of a significant reshuffle of share holding with Havas hit the markets. In the event, a February 6 announcement had no effect on the group's advertising interests.

The company's announcement this week points to Havas' ambition to make Havas Advertising one of the world's top five groups by 2000, through debt reduction plus accelerated expansion in new markets and the development of new specialized communication disciplines and new technology.

"Havas thus offers its advertising subsidiary the possibility to conclude any alliance or transaction that will enable it to reach its objective," reads the statement, "and maintains its will to remain shareholder of reference and a firm base for the group in its new composition."

Copyright February 1997, Crain Communications Inc.

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