Since Kerry Group and Kerry Co-op completed phase one of their deal to separate the business’s original domestic dairy processing from its much larger listed taste and nutrition multinational over the new year period, the focus has understandably been on the massive wealth the transaction unlocked for farmers in the south-west. The structure of the deal, which saw the group sell 70 per cent of its Irish dairy division to its founding co-op, included the distribution of Kerry Group shares to the co-op’s farmers and their families. I previously calculated this to be worth as much to the co-op’s catchment…

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