The Procter & Gamble Company (NYSE:PG) will look for acquisitions. Andre Schulten, Chief Executive Officer said, "We expect to turn these earnings into strong free cash flow generation. And our free cash flow productivity target's 90% or higher.

And our priorities for cash utilization, I think, are well understood: first, fully fund the business; secondly, maintain our long track record of dividend payment and increases; third, fund any strategic acquisitions if we can create value that way; and finally, we will return remaining cash to shareowners via share repurchase".