Publicis Groupe S.A. CEO Maurice Levy told The Wall Street Journal Wednesday that layoffs were likely after the completion of the company's proposed acquisition
of Bcom3 Group Inc. He declined to elaborate.
The Bcom3 acquisition, expected to close Sept. 20, will create the
fourth-largest ad-agency holding company, with about $4 billion in annual
revenue.
Levy said he hopes the company will achieve a 15 percent operating profit
margin in 2003, but he acknowledged that it will take some cost-cutting to get
there.
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