Two of the most famous GAA jerseys are sponsored by two of our major milk processors. David Clifford and company regained the Sam Maguire cup in July with Kerry (Group) emblazoned on their jerseys. A week earlier, the Kilkenny hurlers, sporting Tirlán’s Avonmore logo, narrowly failed to dethrone Limerick.

However, it could be Tirlán Co-op which is closer to a “win” in terms of an acquisition than Kerry Co-op, if recent developments mean what some believe.

Tirlán’s board is on its way to the US. Nothing unusual in that – the co-op is still the largest single shareholder in Glanbia plc, which has significant interests in the US. Tirlán chair John Murphy and vice-chairs Pat Murphy and Brendan Hayes still serve on the Glanbia board.

However, it’s the second time in quick succession that the board is heading stateside, as it accompanied the entire Tirlán council to Illinois in mid-October. Could they be on a shopping expedition? There’s a rumour that they may be about to do business with a company called … Glanbia.

Having divested itself entirely of the Irish dairy business, perhaps the next step is to sell some of its agri interests Stateside to the co-op.

Meanwhile, plans for Kerry Group and Kerry Co-op to follow in Glanbia/Tirlán’s joint venture footsteps is coming under pressure. A group of co-op shareholders wishes to limit the board’s discretion in how much it can spend without shareholder approval. It would do this by placing about 95% of the co-op’s €2bn shareholding in Kerry Group out of the board’s reach. This would be done by locking in a ratio of plc shares to each co-op share, close to full “see-through” value.

Signatures

To this end, signatures have been collected with the aim of forcing an extraordinary general meeting (EGM).

Former board member Paddy Casey has said the signatures will be handed in this Friday, 11 November. It’s quite a challenge. They need 20% of the 13,000 shareholders, holding 20% of the co-op’s shares.

The co-op and plc have resumed discussions around a joint venture. It’s understood the plan is to purchase 60% of Kerry’s Irish business. That’s worth at least half a billion, but the board would be left with no more than €100m if the EGM proposes the shareholder’s “golden handcuffs” plan.

Paddy Casey says that the board could still use co-op funds to pay or part pay for a majority share in Kerry Group’s Irish business. The difference is that it would have to seek shareholder approval to do so.

With only 3,600 milk suppliers comprising only 30% of shareholders, that might prove an uphill task.