Syensqo SA/NV (ENXTBR:SYENS) is looking for M&A. Ilham Kadri Chief Executive Officer said during the First Quarter 2024 Results Call for analysts and investors, "On acquisition, well, we always have and we continue to look at M&A as part of our growth agenda. The acquisition of JinYoung Bio is a relatively small deal, Chetan, and is aligned, by the way, with our strategy and is augmenting our technologies and our competencies with something we don't have, simply. So it's more.

It's more -- it's not material financially, but it's huge in terms of what we will be doing with it in the Personal Care and the ceramide space, right? Now, we have also a venture capital, by the way, fund of some EUR 80 million that looks for small opportunities. Now Chetan, we have been very disciplined in the past years, right?

I mean -- I focus personally with my former team on cash and deleveraging the company. And that said, we are not prepared to do -- what we are not prepared to do is to overpay for an asset where it doesn't drive value".