Publicis CEO says Omnicom merger flop to cost 40-50 million euros
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 (32.07- 40.09 million pounds).
"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 (20.62 billion pounds) 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)