Kerry Group plc (ISE:KRZ) is looking for M&A investment opportunities. During the company?s full year 2023 results call, Marguerite Larkin, Chief Financial Officer said that ?Our capital allocation framework on Slide 16 is well balanced between reinvestment in our business and capital returns. You can see here the elements of our capital allocation framework.

In terms of reinvestment, we will continue to invest in the organic development of the business, and we will also look to continue to execute on M&A investment opportunities aligned to our strategy. Similar to the recently announced lactase enzyme business and emerging market acquisitions that Edmond referenced earlier?. ?And just in relation to my comments on raising the hurdle -- rate.

It's very much, as I outlined, reflective of the interest rate environment. We have moved the return on M&A out of the box from a mid-single-digit zone into the high single-digit zone in terms of expectations and looking for those acquisitions to move towards the double-digit 12% return in the 5-year time frame. And obviously, we'll evaluate each acquisition on a case-by-case basis, but as a general rule, the uptick in the target reflects the changed environment?.