UPDATE 2-Havas CEO sees no clear signs of ad mkt recovery

* Says still too early for forecast on Havas 2009 sales

* Havas shares down 1.21 pct at 1346 GMT (Adds further comments from CEO, details on strategy)

By Dominique Vidalon

PARIS, Sept 30 (Reuters) - Havas (EURC.PA) CEO Fernando Rodes said on Wednesday that he expected the global advertising market to fall between 7 and 11 percent in 2009, and that he did not yet see clear signs of an upturn.

"What has changed is the collective psychology. There is hope, and that's something. But if we look for more solid signs, we don't find them," he told reporters on the sidelines of a news conference on sustainable development.

Rodes said it was still too early to make a forecast for 2009 sales at Havas, the world's No. 6 advertising group.

"We should do what we wanted to do in terms of profitability and bottom line. We are rather reassured. In terms of top line or revenue, it's a bit more complicated, it's changing a lot," he said, when commenting on the group's outlook for 2009.

Havas, whose chairman is financier Vincent Bollore, would consider making targeted acquisitions in Russia, Brazil or India, and expected digital advertising to make up 20 percent of the group's sales by the end of 2010, Rodes said.

At the end of August Havas, whose clients range from France Telecom (FTE.PA) to Coca Cola (KO.N), posted a 9.2 percent fall in first-half revenue, blaming spending cuts by clients during the global economic downturn. [ID:nLV629951].

Earlier this month Bollore said that sales were down around 7 percent and operating profit up significantly in July and that he would not make a forecast for 2009 sales.

Rodes would not say how Havas fared in August, adding the summer month was not representative. "September will give us a new indication", he said.

Bollore is the largest shareholder of Havas, with a 32.9 percent stake. He is also the largest shareholder of British media-buying agency Aegis (AEGS.L) with 29.9 percent.

The situation has fuelled speculation Bollore could seek to merge the two groups to help them better compete with larger rivals such as Publicis (PUBP.PA) or Britain's WPP (WPP.L).

When asked if some sort of link-up with Aegis was still on the group's agenda, Rodes said: "It's a theoretical possibility"

"Today we have a choice, it's either we continue to develop Havas through partnerships, targeted acquisitions and above all strong organic growth, or we look for a deal with a company of the same size."

He added that the question should be put to Havas's main shareholder Bollore.

Aegis interim chief executive and chairman John Napier said last month there were no talks about a possible merger with Havas.

By 1346 GMT Havas shares were down 1.21 percent at 2.87 euros, underperforming the European media sector .SXMP, which was down 0.81 percent.

Havas Media was unveiling "Sustainable Futures 09", a research-based framework allowing companies to measure, track and connect sustainability or corporate social responsibility to brand value. (Reporting by Dominique Vidalon; Writing by Helen Massy-Beresford, editing by Will Waterman and Rupert Winchester)