Lots of talk in the markets of the progressive Irish takeover of the British food industry. Did you know that Goodman and Kepak between them control 40 per cent of the British beef kill?

But the latest speculation is that Greencore is the frontrunner to buy Harrison & Crosfield's Paul's Malt business for around £70 million, with an announcement possibly timed with Greencore's mid-December, full-year results statement.

Greencore, of course, also has to consider what to do with its investment in Imperial Holly in the United States, after being diluted down to 16 per cent after Imperial issued a bucketful of shares to pay for the Savannah Foods acquisition.

There are mixed feelings among Irish investors about Greencore's foray into the US sugar business, and many would prefer to see Greencore spend £70 million on Paul's and another £60 million in a share buyback rather than pouring a lot more money into Imperial Holly to rebuild its stake.

With speculation that the US sugar industry is heading into a period of overcapacity and reduced margins, now might not be the best time to be investing heavily in Imperial Holly.

Whatever strategy is decided on by Greencore, investors will be hoping that it will do something for the share price, now 23 per cent off its 390p high of earlier this year.