Anheuser-Busch InBev SA/NV (ENXTBR:ABI) will seek M&A. Fernando Tennenbaum Chief Financial Officer said during the Fourth Quarter and Full Year 2020 Earnings Conference Call and Webcast, "I will now take you through our capital allocation priorities. The first priority for the use of cash is to invest behind our brands and to take full advantage of the organic growth opportunities in our business. Second, deleveraging to around a 2x net debt-to-EBITDA ratio remains our commitment, and we will prioritize debt repayment in order to meet this objective. Third, with respect to M&A, we always be ready to look at opportunities when and if they arise, subject to our strict financial discipline and deleveraging commitments. Our fourth priority is returning excess cash to shareholders in the form of dividends and/or share buybacks".