The two advertising companies are due to merge on September 20, creating the world's fourth-largest ad group with revenue of $3bn (拢1.9bn).
A story in the Wall Street Journal said the new company would struggle to meet a target operating margin of 15%, but did not actually quote Levy saying so. Shares in Publicis fell by almost 5%, a drop of $1.10, to $21 when the New York Stock Exchange closed last night.
However, in a later interview with Reuters, Levy said: "The market situation is quite difficult and difficult to predict. However, I am very confident that we will reach and deliver the targets."
In order to meet the 15% margins -- higher than the margins either Publicis or Bcom3 are set to achieve this year -- cost cutting will be needed. Levy said that layoffs were likely to come first from within the holding company, but would not elaborate further.
In an interview, Levy is reported to have said that he plans to build on business by cross-selling services to existing clients, including Procter & Gamble, which will account for as much as 8% of the new company's revenue.
Once merged, the new company, to be called Publicis, will be home to agencies such as D'Arcy, Leo Burnett, Publicis, Fallon and Saatchi & Saatchi, as well as the media agencies Starcom MediaVest and Zenith Optimedia.
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