Mondi plc (LSE:MNDI) is looking for M&A. Andrew Charles King Group Chief Executive Officer said during the First Quarter Trading Update, "In terms of M&A, again, we see both those verticals as offering M&A opportunities. You mentioned specifically about forward integration on containerboard. I think, clearly, we have a very strong niche containerboard position producing a lot of niche grades like the white top, semi-chem, et cetera, which is sold on a global basis.

You don't necessarily need to forward integrate those. Where we see a benefit in being more balanced is on what I'd call the bulk grades of the unbleached kraftliner and testliner grades. And there, we're actually currently short of paper on testliner, but it's building onstream now, which is exciting for us.

And we see it as an opportunity to further the expansion of that business if the right opportunities come at a price that makes sense for our shareholders. So we will continue to actively look at those. But importantly, we have a number of options on the organic front.

And so anything we do is more from an opportunity perspective rather than anything defensive".