The Italian internet service provider, Tiscali, has put Britain high on its corporate shopping list as it bids for the top slot in the European market sector.
But the group, which has historically financed acquistions with its own shares, will now use cash to fund its takeover activities.
Tiscali is also seeking to break even by the fourth quarter of the year, according to its chairman and chief executive, Renato Soru.
The Italian company is at present the second largest ISP in Europe after Deutsche Telekom-owned T-Online, but claims a more diverse geographical spread than its German rival.
Yesterday, in an interview with the Italian newspaper Il Sole 24 Ore, Mr Soru said: "We want to achieve European leadership. We must become at least the third internet operator in every country.
"Spain and England will be the next destinations, " he added. But with the Tiscali share price standing at some €7.5 - less than a third of its peak for the year - Mr Soru is calling a halt, for the time being, to the share swaps that have financed the group's expansion programme.
"It would make no sense to carry on the paper for paper operations," he said.
Instead the group will finance deals from its own coffers - at least until the share price recovers. "We will go back to using our stock when the quoted price recovers," Mr Soru said.
He added that the group was hoping to be in the black by the end of the year, helped by rising advertising revenues, which Mr Soru said were showing double-figure growth.
"Our aim is to reach positive EBITDA [earnings before interest, tax, depreciation and amortisation] in the fourth quarter of this year and turnover should reach €800m," he said.
