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French tycoon Vincent Bollore on Friday mapped out an offer to acquire control over at least 50 percent of Havas (EURC.PA), the

world's sixth-largest advertising company he started investing in over 10 years ago.

"This operation demonstrates our will to continue accompanying Havas in its development," Bollore finance chief Cedric de Bailliencourt told a conference call detailing the offer.

"We are showing our will to stick with this long-term investment. We have no intention to sell or transfer our stake in Havas," he added.

The Bollore group currently owns 36.2 percent of Havas, which has a market value of 2.3 billion euros ($2.93 billion) and is headed by Bollore's son Yannick.

Vincent Bollore, who chairs media conglomerate Vivendi (VIV.PA), first invested in Havas in 2004 before ousting the group's boss Alain de Pouzilhac in 2005 after a fierce battle for board seats.

There has been recurring speculation that Havas, which ranks as sixth biggest advertisinggroup worldwide by revenue, would be sold or become part of media conglomerate Vivendi.

"The main reason why Bollore could want to take control of Havas is that the group becomes a growing part of his empire and that circulation of cash flow is not ideal...Owning all or most of Havas would improve this," said Exane BNP analyst Charles Bedouelle.

SHARE SWAP

Bollore's offer takes the form of a proposed swap where Havas shareholders will get nine Bollore shares for every five Havas shares they own, adjusted for a 100-for-1 split of the Bollore stock.

The offer gives a premium of 19.5 percent based on the last price before the shares of Havas and Bollore were suspended on Oct. 17, the companies said.

Shares in Bollore, which has a market capitalization of 10.4 billion euros, were suspended at 378.85 euros on Friday ahead of the statement while Havas shares were suspended at 5.706 euros.

The shares will resume trading on Monday, exchange operator Euronext said.

The offer will be considered successful if it exceeds the minimum acceptance threshold of 50 percent.