Kerry Group has tended to do one large deal every three years or so but, in the past year, has bemoaned the fact that big acquisition opportunities are scarce.

That absence of ingredients opportunities probably part-explains Kerry's willingness to splash out almost €400 million (including assumed debt) on a major expansion of its consumer foods business through the Golden Vale takeover.

So, it must be of some interest down in Tralee that Bayer is planning to sell its Haarmann & Reimer flavour and fragrances business. This business, which operates in two areas of prime interest to Kerry, has annual sales of €865 million and could carry a price tag of around €2 billion, according to Goodbody.

Buying Haarmann & Reimer would be very expensive and, if funded through debt, would not only dilute Kerry earnings but would also push its interest cover from 5.3 to 2.1, a level of cover unprecedented for Kerry.

Kerry has shown that it is willing to walk from acquisitions when they become too pricey - as evidenced by its decision to walk away from Busk Boake Allen last year. Don't be surprised if the field is left clear for Swiss group Givaudan to bid for the Bayer offshoot.