Advertising group Aegis has secured the support of major shareholders in its attempts to repel the French corporate raider Vincent Bolloré.

Mr Bolloré is attempting to gain two seats on the Aegis board but the group said this morning it has the full support of 11 institutional shareholders, which together account for over 23% of its shares.

The institutions, including Fidelity International, Standard Life, Henderson Global Investors, Hermes and Aberdeen Asset Management, have signed letters pledging their support for Aegis directors in their opposition to resolutions put forward by Groupe Bolloré.

They are due to be voted on at an EGM on November 22.

In addition, six other large shareholders "have given their support to the content and issue of the letters", Aegis said.

The institutions said they "regret" that Aegis is facing the same resolutions so soon after they were voted down at the annual meeting less than six months ago.

They added: "We retain our previous view that the resolutions are not in the interests of the company's shareholders as a whole and should be voted against.

"Board nominations by a shareholder who has significant influence at a direct competitor to the company are not appropriate, no matter how large that shareholder's interest in the company.

"We believe that this is a sufficiently important matter of corporate governance to merit making the contents of this letter public."

Lord Sharman, chairman of Aegis, said: "It is highly unusual for institutional shareholders to express their views so publicly, uniformly and clearly, well ahead of a vote.

"This reflects the strength of their feeling on the point of principle involved, as well as their frustration at the time and expense for all parties so soon after the Annual General Meeting."

He said 70% of the group's shares are in the hands of investors other than Groupe Bolloré and again urged shareholders to vote against the resolutions.

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