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BoA Merrill Lynch says that CSL is likely to launch a $900m-plus share buyback after it completes its $900 million buyback between August and October. Considering the blood plasma group's strong cash flow, a new buyback would need to be about $1.5 billion or the company's leverage ratio (net debt to EBITDA) would fall below the capital management policy range of 0.7 to 1.2 times. An alternative would be to use the cash for acquisitions, noting that M&A opportunities in China were a strategic must.


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