All these agencies have grown rapidly by acquiring other agencies and by attracting more corporate clients.

"For me, it doesn't make any sense; if anything, we're looking to acquire agencies, not to be bought."

Unlike Dentsu, Hakuhodo does not plan to expand here by acquiring American agencies.

Mr. Moriarty did not rule out Revlon's acquiring other agencies in the future.

Mr. Harper brought in accounts like Coca-Cola and Buick, and added dozens of others by acquiring agencies.

The acquisition comes just a week after it expanded its overseas operations by acquiring agencies in Australia, Japan and Spain with estimated combined billings of $60 million.

After winning the Ford Motor Company account in 1933, the agency continued to acquire agencies and accounts including Coca-Cola.

By the end of this year, he hopes to have acquired agencies in Milan, Madrid and Paris.

Despite the slowing of domestic advertising growth, global companies have acquired American agencies in recent years in part because of their expertise in reaching specific geographic markets.

Initially dedicated primarily to business-to-business communications, the one-woman agency grew in size and scope, acquiring other agencies and merging clients.