Havas, owner of the Euro RSCG and Arnold ad agencies, is rumored to be on the lookout for new acquisitions, possibly within the internet-advertising industry.

The Wall Street Journal reports that Havas, the smallest of the major global advertising firms, has raised about $354 million through a sale of bonds. According to Havas execs, the money is earmarked to pay off debts as well as to buy other advertising companies that "can be easily integrated into the group."

"This gives us the opportunity to realize some small, targeted acquisitions," Stéphane Fouks, an executive board member told the Journal. "It will be a sign that Havas is back and is no longer in danger, but a hunter."

Analysts say the firm's weakness is a lack of digital expertise, and speculate that's where it will turn its attention.

Last week, Publicis Groupe announced that it will acquire Digitas for $1.3 billion in a similar attempt to boost its presence in the digital marketplace.