Kuehne + Nagel International AG (SWX:KNIN) is looking for M&A. Markus Blanka-Graff, Chief Financial Officer said, "For the M&A part I think we had also been relatively clear over the past. We struggle currently with valuations and expectations from the sales side, for sure, sustainable EBIT same as you have probably in your models, sustainable profitability long term is a difficult thing to assess currently. So I would think the capital allocation basically that you are talking about is we will keep always a net cash position on the balance sheet for safety and stability.

We do -- we are active in the M&A market, maybe not in an imminent deal situation that we could expect anything closing in the next 3 weeks or so, but we are keeping our opportunities open. Other than that, and I can only refer to the historic facts, whenever there was exits cash, so beyond the net working capital requirements, the net cash position and nearer-term M&A opportunities, historically, that excess cash had always been paid towards the shareholders".