Diageo plc (LSE:DGE) will look for bolt-on acquisitions. Lavanya Chandrashekar Chief Financial Officer said during the 2023 Interim Results Q&A Call, "And so we will continue to invest in CapEx, maturing stock, A&P, as Ivan discussed. And then M&A, we will be looking for interesting bolt-on acquisitions, as we have done in the first half, where we just announced Don Papa.

We're very excited about that and we will continue to look for opportunities there. We'll also be disciplined on the other side, from a divestiture portfolio, as we have been".