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Melt butter and margarine in a saucepan over medium-low heat; stir in flour and bouillon until roux is well blended. Continue to cook and stir until thickened and lightly browned, about 5 minutes. Increase heat to medium and whisk water into roux until smooth. Stir in milk; cook and stir until thickened, about 2 minutes more. Season with white pepper.n