Sodexo S.A. (ENXTPA:SW) will look for acquisitions. Sophie Bellon said "On the M&A strategy, as you've seen, we have a strong balance sheet, and we are ready to do more bolt-on acquisition when there is a strategic rationale and when it will create value. We said that we would spend EUR 300 million to EUR 500 million per year.

But it doesn't mean -- first, to strengthen our position in key markets, like in the U.S., some European countries, to expand our new production and distribution model like convenience and vending in North America. And also to continue like we did in the U.S. with the acquisition of Accent and since we did 5 additional bolt-on acquisitions. Also, we want to strengthen ourselves in GPO, but it doesn't mean that if we have a midsized deal that fit our strategy and that is the right target that is financially creating value that we will not look at it.

We have said it's an average of EUR 300 million to EUR 500 million a year. But if something bigger comes up, we will, of course, look at it".