This week, Glanbia shareholders voted to move to the next step of the acquisition process to buy out the plc shareholding in the joint venture called Glanbia Ireland.

The result was resounding, with over 80% of shareholders agreeing with the resolutions as proposed. This is a strong mandate for the board and the management of the Glanbia business going forward.

Shareholders are still arguing over the resolutions, the interlinking, the value, the investment fund and timing, etc.

However, it all is history now. The result was categorical.

100% control

By mid-2022, the farmers will have 100% control of the dairy and grain business if all the next steps go as planned and expected.

The board has the option to sell down or borrow against a chunk of the plc shareholding to invest in the business.

Over the course of the Glanbia debate and campaign, I'd say I didn't meet any milk suppliers who didn't want to own 100% of the business.

Many were perplexed by the interlinking and funding, but looking at the result of the vote as announced, most got over this fact, looked to the positives of the deal and voted yes to the whole package.

Kerry Co-op

Meanwhile, down in the Kingdom this week, Kerry Co-op directors, who don't have any ownership of milk processing assets, voted in a new chair and vice-chair.

The thinking on the ground is that this new leadership team on the co-op board and a new group of directors recently elected is a positive step to re-engaging with Kerry Group. This could potentially create a joint venture that the co-op and plc would operate.

So while one hybrid plc/co-op model looks to be nearing an end (Glanbia) with control going back to the farmers, there may be the embers of a new joint venture developing in Kerry.

Both are positive for primary milk suppliers in terms of clarifying the operation and returns to shareholders.