Publicis CEO says Omnicom merger flop to cost 40-50 million euros
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Maurice Levy, chairman and CEO of Publicis Groupe, gestures during a panel discussion at the annual Consumer Electronics Show (CES) in Las Vegas, Nevada January 8, 2014. REUTERS/Robert Galbraith
PARIS (Reuters) - Publicis (PUBP.PA) CEO Maurice Levy said on Wednesday that the failure of an advertising industry merger with U.S. group Omnicom (OMC.N) would cost his company 40-50 million euros.
“There will in effect by a financial cost and it’s between 40 and 50 million euros,” Levy, speaking to BFM Business TV, said of the decision announced in May to abandon a 35-billion -dollar alliance between Publicis and Omnicom, respectively the world’s third- and second-largest advertising groups.
Reporting by Gwenaelle Barzic; Editing by Brian Love and Mark John