Havas signals willingness to take over Dentsu’s international assets: CFO François Laroze

François Laroze, CFO and COO at Havas, has indicated that the agency is open to discussions concerning the international holdings of Dentsu. Speaking during the Q3 earnings call, he stated that Havas “would certainly consider” engaging in talks with Dentsu.

His remarks followed Dentsu’s August announcement that it is evaluating strategic options—potentially including the divestment of its global operations—to boost corporate value. Although the Japanese firm has retained bankers to explore these possibilities, no final decisions have yet been made.

"We know that Dentsu International may be for sale. We have not been contacted by Dentsu. We know that it’s a very strong and big asset all over the world with a nice network, with some acquisition which has been done over the last two or three years. Clearly, Havas as a group does not project itself as a buyer for the entire international network. It would be too big for Havas looking at its balance sheet. Nevertheless, we remain very agile. If we were to be proposed some partnership or some disposal of certain assets, we certainly would consider that. We do not intend to study the network as a whole, but could be interested in part of it or in a partnership with some of the agencies of the network. We consider it a great asset," François Laroose, Chief Financial Officer and Chief Operating Officer, Havas, said in the investor's call.

Dentsu’s international assets—which include the U.S.–based digital consultancy Merkle and assets from its acquisition of the U.K.’s Aegis Group in 2012—generated over US$4.5 billion in net revenue last year. However, in 2025 so far, Dentsu has faced declines in organic revenue outside Japan: Asia-Pacific (excluding Japan) dropped by 8.9%, the Americas by 3.4%, and EMEA by 2.4%. In contrast, its Japan business grew by 5.3%.

Earlier this year, Dentsu CEO Hiroshi Igarashi hinted that bold structural changes—including divestitures or partnerships—were under consideration to enhance competitiveness. He emphasized that no decisions have yet been finalized.

Havas’s openness follows a broader caution in the industry: Publicis’s CEO Arthur Sadoun recently remarked that the firm is not pursuing large-scale M&A “at this time,” noting that acquiring similar assets merely for efficiency is outdated thinking. Meanwhile, analysts at Madison & Wall interpret Laroze’s remarks as a signal that Havas is seriously contemplating some form of synergy or alliance with Dentsu.

Havas and Dentsu also share historical links: Bolloré Groupe — Havas’s major shareholder — formerly held a significant stake in Aegis before Dentsu’s acquisition in 2012. In 2025, Havas continued its expansion via new partnerships, including one between Havas Media and U.S.-based Horizon Media. With Havas reporting 3.8% growth in Q3 and raising its 2025 outlook, any deal with Dentsu could represent one of the most consequential moves in the global advertising sector since Dentsu’s Aegis acquisition.