Havas open to discussions on Dentsu’s international assets, says CFO François Laroze

New Delhi: Havas’s chief financial officer and chief operating officer, Francois Laroze, hinted at the agency’s intentions towards acquiring or partnering with Dentsu’s international assets. During the Q3 earnings call, Laroze said that the agency “certainly would consider” a discussion with Dentsu.   

Laroze’s comments come after Dentsu announced in August that it was reviewing strategic options to increase its corporate value, which could include selling its international operations. The Japanese company has hired bankers to explore these possibilities but has not yet made any decisions.

The company’s international operations, which include the US-based digital marketing consultancy Merkle and assets from its 2012 acquisition of Britain’s Aegis Group for approximately 400 billion yen, generated over $4.5 billion in net revenue last year. 

However, regions outside Japan have struggled, with organic revenue declining by 8.9% in Asia-Pacific (excluding Japan), 3.4% in the Americas, and 2.4% in Europe, the Middle East, and Africa (EMEA) for the first half of 2025. 

This contrasts sharply with Japan’s strong 5.3% organic revenue growth during the same period.

In August, Dentsu’s CEO, Hiroshi Igarashi, hinted at openness to “bold” structural changes, including potential partnerships or divestitures, to enhance competitiveness. “We are looking at various options to increase corporate value,” a Dentsu spokesperson told Jiji Press, emphasising that no decisions have been made.

Havas’ intent towards discussions with Dentsu comes after, during Publicis’ earning’s call, Chairman and CEO Arthur Sadoun has said he is not looking for a large merger or acquisition at this time. Referring to Omnicom’s upcoming acquisition of Interpublic, Sadoun said, “We believe that buying more of the same for the sake of efficiency is yesterday’s logic.” 

Analysts at Madison & Wall said Laroze’s statement shows that Havas “seems very open to finding some kind of partnership with Dentsu,” according to media reports. 

Havas and Dentsu also share a bit of history. Bolloré Groupe, the top shareholder of Havas, once held a major stake in Aegis Group before Dentsu bought it in 2012 to expand internationally. Havas has also been growing through collaborations. Earlier this year, it announced a partnership between Havas Media and US-based Horizon Media.

Havas reported 3.8% growth in Q3 and raised its outlook for 2025. Any possible deal or partnership with Dentsu could reshape the global advertising industry, marking one of the biggest moves since Dentsu bought Aegis more than a decade ago.