Two of the more notable pieces of M&A in the food sector in recent months look to be nearing completion.

Today (7 February), German yoghurt maker Muller said it had secured the backing of Robert Wiseman Dairies shareholders representing almost 94% of the business and declared its GBP279.5m offer "unconditional".

And, yesterday, Swedish confectioner Cloetta said the country's competition authorities had improved its plan to merge with local rival Leaf International.

Muller said that it would look to buy up the rest of Wiseman's shares and said the milk firm would now apply to de-list from the London Stock Exchange.

Over in Sweden, Cloetta shareholders will meet next Wednesday to vote on the merger with Leaf. However, Cloetta investors representing 64% of its share capital and 81% of the votes in the company have stated their support for the transaction. Its main shareholder, Malfors Promotor, which owns over 52% of the business, plans to invest SEK545m in the transaction. Approval from Sweden's competition authority means the deal has taken a significant step forward.

The transactions are two of the major deals agreed in the last two months and both have been covered on just-food's insight pages.

The planned merger between Cloetta and Leaf was lauded by analysts, who argue the enlarged company will benefit from access to more markets and a greater ability to deal with volatile commodity costs.

However, the jury is out over Muller's takeover of Wiseman. Analysts, however, are divided over the benefits of the deal to Müller, with some questioning how much clout the takeover will give the company when dealing with the UK's powerful retailers.

After attending the giant Anuga trade show at Cologne's sprawling Messe exhibition centre, the ISM confectionery expo, held at the same venue since Sunday, was always going to feel smaller. However, seasoned exhibitors believe this year is one of the quietest ISM events in recent years.

Waiting for a flight at six o'clock on a cold January morning at Gatwick is not the ideal way to start the working week but, when a confectionery trade show awaits, perhaps one should not complain too much.

Today, just-food joins over 1,400 suppliers and thousands of visitors at ISM, the confectionery industry exhibition that takes place each year in Cologne.

UK confectioners will take their place alongside competitors from Europe, the US and beyond to try to build their presence overseas.

The event is the first major trade fair since the UK government and food industry announced a series of measures to drive international sales; the "exports action plan" is sure to be a talking point among the country's confectioners and snack makers stationed in the halls of the Messe exhibition centre in Cologne.

The tussle for export markets will just be one subject of debate among those present. The pressure of dealing with volatile commodity costs has also been a key concern. The cost of sugar, for example, soured the mood of many a confectioner in 2011. In a statement ahead of ISM, the German confectionery industry association criticised the "intensively regulated and inflexible" EU quotas on sugar for driving up the price of sugar and looked forward to the end of the system in three years time. Brussels has recommended sugar quotas be scrapped by 2015.

Confectioners across Europe will also be chewing over the plans of Cloetta and Leaf International to merge. The deal, announced last year and set to go through in the coming months, will create a company that will generate annual sales of US$820m and could spark more consolidation in the sector.

And, of course, innovation will be another key theme at this year's show. Barry Callebaut, for one, is launching a range of chocolate and cocoa ingredients at ISM, while more consumer-facing companies will also be showcasing new products. German chocolate maker Halloren is exhibiting a raft of new lines, including chocolates sold under a new licence deal with Playboy. Halloren has lined up Playboy Bunnies to present the chocolates. Its stand is likely to be one of the more busy booths over the next three days.

With the Swiss mountains behind him, Doug McMillon, chief executive of Wal-Mart's international operations, discussed the retail giant's new business in Africa in an interview with CNN.

McMillon said Africa, which Wal-Mart entered last year when it acquired a majority stake in South African retailer Massmart, was a "very attractive" market in the mid-to long term.

Wal-Mart's 51% stake in Massmart gives it access to a growing business in South Africa but also one that operates in 12 countries outside its domestic market.

"South Africa as a country presents a great opportunity. That's where 92-93% of the total revenue is. Beyond that, into the region, we're thinking about it a city at a time because that's where the population centres there. There's enough business there to support a few stores so we can learn the market."

Wal-Mart's entry into Africa and investment in Massmart was not an easy ride. It had wanted to acquire 100% of Massmart but scaled back its bid after talks with investors in the South African firm.

The US retail giant's eventual investment proved controversial with unions and some South African politicians concerned about the impact on local business. Wal-Mart and Massmart had to set up a development fund to help suppliers.

McMillon told CNN Wal-Mart had worked with South African suppliers, which would help both itself and local businesses. "Around the world, we buy the vast majority of our merchandise locally. It helps ensure we get shorter lead times and helps ensure we have products that are relevant for customers. It helps create jobs and if we have customers who have jobs, the stores can grow."

The Wal-Mart executive was coy about where the world's largest retailer was looking next. "We're looking for large markets with a high growth rate. We wouldn't comment on future entry or acquisitions because the prices would go up so we have to be careful with what we say about it."

A week after Tesco shocked the market and sent its shares tumbling with a profit warning, it has emerged that the US billionaire investor Warren Buffett has quietly increased his stake in the retailer.

In a statement to the London Stock Exchange today (19 January), Tesco said Buffett's investment vehicle Berkshire Hathaway had acquired more of the UK retailer's shares. Berkshire's stake is now 5.08%, up from 3.21%, Tesco said.

The date of the share purchase was 13 January, the day after Tesco warned its profits would not grow as fast as expected in its current financial year and in the next 12 months amid continued problems with its UK business. The retailer's shares fell 16%.

Workers at six Unilever sites today (18 January) held industrial action around the UK in the latest protests against the company's reform to its pension scheme - and the Anglo-Dutch conglomerate was compared to perhaps the bete noire of the country's union movement in recent years.

Staff at Unilever plants in Essex, Cheshire, Norwich, as well as at R&D and IT sites on the Wirral, north Wales and Bedfordshire held the latest strikes over the Marmite and Pot Noodle maker's plans to close its final salary pension scheme. The strikes are part of a rolling programme of 11 days of industrial action at those facilities and others around the UK.

Unite national officer Jennie Formby visited the picket lines and told just-food that the turnout was "very high". Workers, Formby said, were frustrated at Unilever's "refusal" to hold discussions on the plans and she said the company's stance suggested it was "trying to out-Walsh Willie Walsh", the former chief executive of British Airways whose moves to reform the airline led to fierce disputes with unions.

Unilever announced plans to make changes to its pension scheme last April. A period of consultation with workers led, Unilever claims, to some modifications to its plans but did not win over union officials, who, the company says, walked out of talks in August.

Since then, the two sides have been locked in what appears to be an intractable dispute. No more talks have been held, union officials insist they are open to fresh discussions but claim Unilever has turned down an offer to meet through conciliation service ACAS. Unite claims Unilever's plans would see some employees lose up to 40% of their expected pension and believe Unilever has no justification for ending the scheme and replacing it with an "inferior" alternative.

Unilever has said the change is "a tough and necessary choice which reflects the realities of rising life expectancy and increased market volatility" and has vowed to press ahead with the new scheme, which is due to be introduced at the start of July.

However, many of its employees are unconvinced by that argument. They claim Unilever's pension scheme is well funded, point to the consumer goods giant's rising profits in 2010 and say it admitted there was no financial necessity for the changes.

Formby reiterated that Unite would be open to more talks. "The ball is in their court," she said. "You cannot find resolution without conversation and dialogue." However, reflecting on Unilever's position she added: "It's hard to see how anything can change, rather than get worse."

In a statement, Unilever said it was "deeply concerned" at what it called "disproportionate action" from unions. "The reality is that the union representatives had multiple opportunities to help shape the greatly improved final outcome of consultation we reached in October, but unfortunately they decided to walk away from talks," the company said.

Unilever repeated that the changes to the pension scheme were a "tough and necessary choice" and added: "We believe the provision of final salary pensions is a broken model which is no longer appropriate for Unilever. It is our responsibility to protect the long-term sustainability and competitiveness of our business, and to do so is in the best interests of our people."

The statement also included a line from Amanda Sourry, chairman of Unilever's UK operations, who said: "It is currently not clear how the dispute with the trade unions will be resolved - but we are continuing to urge our employees who have participated in industrial action to give further objective consideration to the very competitive new arrangements which are unavailable at most other companies in the UK."

Unilever, then, looks set to press ahead with its plans. A prolonged period of strikes could, in theory, hit production and the stocks of Unilever products in stores and force the company to the table (Formby says today's strikes have hit output; Unilever says it has put plans in place to ensure its products are available).

There could be some damage to Unilever's reputation among consumers but the average shopper would likely only notice if the availability of the company's products was affected.

Perhaps one issue for Unilever to watch is whether workers in other countries grow restless. Formby claims there is support among Unilever staff in Europe for the stance of UK employees and says Unite is planning demonstrations on the Continent.

As of now, however, there is only a stand-off, with more strikes planned between now and the end of the month and Unilever set to implement its changes.

The spike in commodity prices helped push Irish food and drink exports to a record level in 2011. Ireland's exporters may not enjoy quite the same benefit in 2012 but confidence about Irish prospects overseas is on the rise.

Data issued by Bord Bia, the agency that promotes Irish food and drink exports overseas, has shown the the value of the industry's shipments grew to an "all-time high" of EUR8.85bn (US$11.36bn) in 2011. 

Exports were boosted by global prices for major commodities in 2011, Bord Bia said, although it pointed out that volume growth accounted for 25% of the growth in Ireland's food and drink exports.

Nonetheless, Bord Bia did indicate that exporters may not get the same helping hand from commodity prices this year. It said the prospects for Ireland's food and drink exports in 2012 were "positive" but said lower volume in some sectors and "some further softening in global commodity prices" are likely to lead to "more limited growth potential" this year.

However, the agency said its annual survey of Ireland's food and drink exporters suggested "increased optimism" about this year, compared to how they felt 12 months ago about 2011.

"In total, 85% of exporters viewed the prospects for their business in 2012 as good or very good. This compares to 70% in 2010," Bord Bia said. "Almost two thirds of respondents rated their business prospects as much improved/improved compared to a year earlier. In terms of sales prospects, 69% of respondents, compared to 64% in 2010, stated that they had increased their sales forecasts for the year ahead."

Just before Christmas, the UK's food and soft drink sectors set a goal of growing by 20% by 2020 and said exports would play a key role in achieving that target.

However, industry association The Food and Drink Federation did indicate that there was evidence that UK exporters were losing sales to rival countries and insisted more need to be done to regain ground.

Later this month, a UK food and drink export forum, co-chaired by industry and government, will launch an "export action plan". Manufacturers on both sides of the Irish Sea will be keen to hear what the UK government and industry plans to do to grab share of export markets, vital to revitalising growth in both economies.

On the north bank of the Thames, Unilever's London HQ has been the home of the consumer goods giant for almost 90 years. Today, on a mild but grey Tuesday afternoon in January, it formed the backdrop for the latest instalment of what is likely to be one of the most dispiriting episodes in the company's history.

Scores of Unilever workers travelled from sites across the UK to protest at the Anglo-Dutch conglomerate's UK head office about the company's plans to change its pension scheme. For a company founded on philathropy that "set up projects to improve the lot of their workers" (the quote is taken directly from Unilever's corporate website), it is disheartening to see the business at odds with many of its staff.

However, employees protesting outside Unilever House today (10 January) told just-food of their "anger and betrayal" at the Marmite and Pot Noodle maker's plans to close its final salary pension scheme.

Workers and union officials argue the plans would see some employees lose up to 40% of their expected pension and believe Unilever has no justification for ending the scheme and replacing it with an "inferior" alternative.

Unilever says the change is "a tough and necessary choice which reflects the realities of rising life expectancy and increased market volatility". However, many of its employees are unconvinced by that argument, claim Unilever's pension scheme is well funded and are preparing for a programme of rolling strikes, which are scheduled to start on 17 January until 29 January. Unions claim that over 2,500 Unilever workers took part in a 24-hour walkout last month.

"This is a very wealthy company, this is a well-funded pension scheme and the company themselves told us there is no financial imperative, yet they won't talk to us about ways of keeping the scheme open even though we put forward suggestions that are of limited risk and cut costs as well. The company just didn't want to know," Unite national officer Jennie Formby said.

In theory, Unilever's arguments are valid. Increasing life expectancy means some pension schemes are unsustainable, Market volatility could mean Unilever faces paying more into its scheme to meet any deficit.

However, with CEO Paul Polman earning a base salary of EUR2.9m (US$3.7m) according to Unilever's 2010 annual report (indeed, Unite cites data from pension advisers PIRC that says Polman received a total remuneration of EUR54.2m in Unilever's last financial year), it is hard not to feel some sympathy for factory workers faced with lower-than-expected pension settlements.

And there is no denying the frustration that some Unilever workers feel at the planned changes. Bill Hodgson, a worker in the research lab at Unilever's site in Port Sunlight in north-west England, said there was "shock, anger and a feeling of betrayal" when the company announced its plans last year.

"It's certainly the first national strike that Unilever has had in the UK. We're not traditionally a militant workforce," Hodgson said. "When you consider how Unilever is doing - double-digit growth, billions in profits - and the company saying there is no fiscal necessity to do this, that it's about competitiveness, that's when most people decided they weren't going to take this."

Hodgson, who has worked for Unilever for 20 years, said there has been a "very noticeable change" in the ethos of the company, which he described as a "very paternal" business. That change had started before Polman became chief executive but had "accelerated" since the Dutchman took the job in 2009.

Where does this leave Unilever? Unions say the planned stoppages will hit production but the company says it has made contingency plans. Formby insists union officials are ready to sit down and talk to Unilever but negotiations broke down in September and there is no sign that they will resume any time soon. (Hodgson, incidentally, said no Unilever representative came out to talk to the protesters today).

Unilever could not be reached for comment this afternoon but its statements so far indicate it intends to proceed with its plans. "We believe the provision of final salary pensions is a broken model which is no longer appropriate for Unilever. It is our responsibility to protect the long-term sustainability and competitiveness of our business, and to do so is in the best interests of our people," Unilever has said.

Of course, if there is a negative impact on production, it could force Unilever to the table but it is unclear how many strikes protesters will have to hold to hit supplies.

The strikes and protests could dent Unilever's reputation among consumers but, again, the strikes would need to have an impact on production and on supplies reaching stores for the average shopper to take notice, despite the fact that pensions (witness the public sector protests) and executive pay have been headline issues in recent months.

For now, it seems there is stalemate, with Unilever seemingly intent on implementing the changes and workers set to hold more industrial action.

It has been one of the most regular assertions in the confectionery sector in recent years - and one US analyst has repeated it again today (6 January). 

Hershey, so the argument goes, needs to expand further into emerging markets - and quick.

There is no doubt the US confectioner has lagged its peers in investing in international markets. Compared to the likes of Kraft Foods, Mars Inc and Nestle, Hershey is far too dependent on its domestic market, which, despite seeing sales growth tick along nicely, is far more mature than the likes of Brazil, India and China.

Hershey is building its presence in markets like Mexico, India, China and Brazil and the company is looking to meet a target of generating US$1bn in sales outside the US by 2015.

However, Sanford Bernstein analyst Alexia Howard believes that, after the recent consolidation in the confectionery sector (Mars' acquisition of Wrigley, Kraft's mvoe to buy Cadbury and Nestle's purchase of a majority stake in Chinese candy maker Hsu Fu Chi), there is "mounting pressure" on Hershey generate more growth outside the US.

Of course, last month, Hershey acquired Canadian confectioner Brookside Foods but the focus of analysts is on the company's position in emerging markets.

Hershey, Howard says, has been "striving" to build its international business organically but she argues it needs to acquire local operators or form joint ventures to gain significant market share overseas.

"While Hershey has been striving to grow organically in international markets, these markets are dominated by Kraft, Nestlé, and Mars, and it is more likely that Hershey will need a strong international partner or pick up a few local players to increase penetration," Howard wrote in a note to clients.

The world's largest confectioners believe emerging markets will drive top-line growth and have made moves accordingly. Howard is correct that Hershey needs to do the same but argues large acquisitions could be hard to come by - and indicates that bolt-on deals joint ventures could be another option for the Reese's maker.

Hershey has said it could look to acquisitions to build its international business but Howard is quick to note that the company's management have not commented on specific targets.

She does, however, put forward partners that Hershey could team up with in particular markets - Argentina's Arcor in Brazil and Grupo Bimbo in Mexico, where the local food giant is the fifth-largest confectioner.

Howard says one possible venture, with Nestle, could be less of a possibility after the Swiss group's deal with Hsu Fu Chi.

Hershey reports its annual results to the market - and attends annual US analyst conference CAGNY - next month. Could it divulge more on its international ambitions and assuage possible concerns among investors?

Rachel's Dairy, the UK organic yoghurt maker, has revealed just how much a delisting by a major UK retailer can cost a business.

The company's results for the year to December 2010 show it had to write off GBP978,000 of goodwill after an unnamed customer decided to stop selling certain milk products.

The results, filed at Companies House just before Christmas, show how the company performed in a year in which it had two owners. Rachel's was sold to French dairy giant Lactalis by US dairy group Dean Foods in August 2010.

During the year, Rachel's sales grew 20.7% to GBP25.9m. The company's gross profit was up 22.8% at just under GBP11m.

However, Rachel's distribution costs and administrative expenses, including the goodwill charge, meant it made an operating loss during the year of GBP395,000 - compared to a GBP1.1m operating profit in 2009. In all, Rachel's made a net loss of GBP316,000 in 2010. A year earlier, it made a net profit of GBP764,000.

In its report, Rachel's said it had grown its sales and market share despite "difficult economic conditions" and said its brand would benefit in 2011 from its first TV advertising campaign.

Reflecting on its takeover by Lactalis, Rachel's directors also stated: "The acquisition ... has provided a strong platform for the future growth of the business as consumers become increasingly aware of the Rachel's brand and product range."

Lactalis is family owned and therefore is not obliged to report financial results. It will be some time before we get to see if Rachel's has thrived in the first full year of French ownership.