Havas Has $1 Billion to Spend on Acquisitions but Thinks Digital Shops Are Pricey

http://adage.com/article/global-news/havas-announces-5-revenue-growth-half-2011/229544/

Mr. Jones confirmed that Havas is actively looking for acquisitions, particularly in the digital world, but cautioned, "We want to spend our money wisely. I've had 30 meetings with heads of companies but the valuation of digital businesses is extraordinarily high. I don't want to wish this on the business, but if the economy takes a downturn it could mean that our $1 billion goes a lot further."