Firstly, farmer shareholders will question why they should sell 3% of their investment in a high-growth, high-margin and highly profitable business to buy 60% of a consumer foods and agribusiness that is seen to be mature, has stagnant growth and lagging margins.

After all, Glanbia’s star performance nutrition business makes margins in excess of 16% and its ingredients business makes margins in excess of 9%. Meanwhile, the consumer foods and agribusiness makes margins less than 5%.