On December 17, 2021, the shareholders of Glanbia and those of its founding farmers’ co-op agreed to go their separate ways. Glanbia’s focus was on the global market for high-tech nutrition products and US cheese, while the farmers wanted to regain control of their domestic milk processing business and prioritise returning a high price for their produce. There was just one problem. To fund the €307-million buy-back of Glanbia PLC’s 40 per cent stake in the domestic dairy business, the currency available on the balance sheet of the co-op, now known as Tirlán, was mostly Glanbia shares – and their…

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