Havas, which owns ad agencies Euro RSCG and Arnold, is rumored to be looking for new acquisitions, especially within the online advertising industry.

Havas, the smallest of the major global advertising firms, has already raised about $354 million, through a sale of bonds, iMedia Connection reports, citing a Wall Street Journal article. Company execs state that the funds are earmarked to pay off debts as well as to possibly buy 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 Wall-Street Journal. "It will be a sign that Havas is back and is no longer in danger, but a hunter."

Analysts say Havas will be seeking agencies with a strong base in digital, which is the firm's weakness. Last week, Publicis Groupe announced that it will acquire Digitas for $1.3 billion in a similar attempt to boost its digital expertise.