That's pretty much a good summing up of the counter argument as to why not to move on SM1. I'm more in that camp that thinks they shouldn't do it, i.e. I think they should instead focus on MVM and retain their blocking stake in SM1.
I just think there is a reasonable chance they will move on SM1 in some form even if I don't think they should.
I don't know enough about manufacturing side of things to know whether there is anything complementary in terms of owning MVM and SM1. SM1 are already selling off its cheese production facilities s that are more peripheral to the IF and milk business. Perhaps A2M and Bright would sell off other assets that weren't critical to A2M's business and eliminate more of its debt and streamline its operations, merging in MVM and its milk pool. Maybe they would not need the expansion at MVM just yet?
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