Having successfully engulfed Interactive, has it that could be readying the funds for another take-over.

An assault on a Western outfit looks once again likely, the firm having cut looming debts with a new bond issue, leaving the publisher with money to spend once again.

"The cost of borrowing monies is so low in the world at the moment that Square Enix is being opportunistic in raising funds on the cheap today, just in case it feels like shopping for something," explains Hiroshi Kamide of KBC Securities Japan.

Eidos cost Square in excess of 80 million GBP last year, and there is talk now of another buy-out, the firm eager to enhance its international influence. Codemasters, meanwhile, are also said to be on the brink of securing outside investment

By Luke Guttridge