French financier Vincent Bolloré has sold a 7.6% stake in Vallourec, the French specialist steel tubing group, for an estimated €500m ($603.5m). The sale has renewed speculation that he may use the cash to push for a merger between UK advertising group, Aegis, and its French rival, Havas.
BNP Paribas, Merrill Lynch and UBS sold the Vallourec shares, equal to about half of Bolloré's stake in the company, yesterday.