Fresenius SE & Co. KGaA (XTRA:FRE) will seek acquisitions. Stephan Sturm said during the Fourth Quarter full year 2020 conference call, "Over that period, we plan to reinvest our cash flows either in return-generating M&A or increasing shareholder remuneration. Talking about acquisitions. Our business is about scale. Thus, we still consider ourselves an acquisitive company who will continue to go after consolidation opportunities and search for appropriate targets to gain strategically superior position. Large strategic acquisitions are more than likely to take a backseat in the short term. But in the medium to long term, large deals, of course, remain on the agenda".