- Havas, the world's fourth largest communications group, has completed 700 million bond issue to help fuel an acquisition programme and to refinance the debt of Snyder, the US company it acquired earlier this year.
The move is fuelling speculation that Havas may attempt to buy True North Communications.
The Paris-based group is the parent company of Euro RSCG Worldwide and the Diversified Agencies Group as well as the Arnold agency in Boston and the Media Planning Group in Barcelona.
The issue is intended to provide it with increased resources to make targeted acquisitions for each of its four divisions.
Havas says the transaction will optimise the funding policy of the group which will benefit from attractive bond terms while preserving shareholders' interests.
The scheme will allow Havas either to convert the bonds into new shares or to exchange them for existing shares using a share buy-back programme.