Kerry Group and agricultural co-operatives
Senators praise Kerry Group, its leaders and investors, and welcome the dilution of co-operative ownership and the company’s economic contribution, particularly for farmers during the fodder crisis.
I wholeheartedly endorse everything said this morning by Members' learned colleague on the benches opposite, Senator Sean Barrett, regarding the Kerry Group. I recall some of the story told about the then Minister for Agriculture, the late Mark Clinton, and his persuasive powers with the fledgling Kerry Group and with Denis Brosnan in particular. He spoke of how shares have risen from being worth €28 to their present value of €45. I recently forecast in this Chamber that it would rise to €50 or €51 in the short term. However, that is beside the point. I remember when the shares in question were worth only 52p each and I urged farmers to buy all round them. Sadly, some of them did not do so but in any event-----
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That is on the record, but in any event-----
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I thought the Senator was obliged to declare an interest. How many does he have himself?
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I wish to pay tribute not just to Denis Brosnan but I salute everything Sean Barrett has said.
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It is a great example of trivialisation, where somebody is doing well as the country is going down the drain.
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I pay tribute to Denis Brosnan, to Hugh Friel who succeeded him and to Stan McCarthy, who is doing a wonderful job at present. Moreover, I greatly welcome that further dilution in co-operative shares in the Kerry Group from 17% to approximately 13%, as well as the boost for the farmers of County Kerry, the south and nationwide because of what they are suffering due to the fodder crisis and the many other things they must face at present. I also salute a development which is good for the Irish economy, namely, the recently announced expansion in Glanbia. Perhaps in time it will become another Kerry Group, and I say "well done".