PARIS French advertising group Havas (HAVA.PA) has signed a joint venture agreement with Guangdong Advertising Group as part of its moves to expand in the fast-growing Chinese market.
Havas, which competes with bigger rivals such as WPP (WPP.L), Publicis (PUBP.PA) and Omnicom (OMC.N), said it would own 51 percent of the new Havas GIMC Advertising Company that will be created out of the joint venture deal.
"This move represents a major step in the Havas Group's expansion in China. The Chinese market is one of thefastest growing markets in the world and is now second in terms of ad spending which offers outstanding opportunities for brands," Havas Group chief executive Yannick Bollore said in a statement.
(Reporting by Sudip Kar-Gupta; Editing by Sarah White)