• Reuters, Wednesday, June 10, 2009 9:30 AM

Publicis expects the global economic downturn to weigh on its revenue and operating heavily in the second quarter, according to CEO Maurice Levy. He told the annual shareholders' meeting yesterday that his company's final exposure to General Motors would be below $76.1 million.

Publicis, the world's third-largest ad group by revenue, posted a 4.4% fall in first-quarter underlying sales. and Levy stated that the second quarter would be worse than the first. The CEO also predicted the overall global ad market would reach a low point in July, with an upturn in the second half of 2009.

French-owned Publicis, which had cash available at the end of 2008, is not planning any large acquisitions in emerging countries. But Levy said Publicis is looking at ways to invest "in a smart manner" in Germany, a market which has been hit hard by the crisis.

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