Switch of Kerry Co-op chair may inject new life into €700m deal

Frontrunner for the role has signalled he would heal rift with Kerry Group after negotiations collapsed in April

Mundy Hayes announced last week that he will not be staying on as chairman of Kerry Co-op

A €700 million deal between Kerry Group and its largest shareholder looks set to be revived as Kerry Co-op, the farmer-controlled investment company, prepares to elect a new chairman this week.

In April, negotiations over a joint venture deal for Kerry Group’s Irish dairy business collapsed after a major rift developed within the board of Kerry Co-op over the valuation of the deal and how it proposed to fund the transaction.

This Tuesday, the board ...