Glanbia Ireland gets the thumbs up
The result at the Special General Meeting (SGM) was 93.1% in favour of this proposal, with 6.9% against.
Originally announced on 22 February, Glanbia Co-op has agreed to pay €112 million to acquire a 60% shareholding in Glanbia plc’s Dairy Ireland division, which consists of Glanbia Consumer Products and Glanbia Agribusiness.
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Hide AdThe new joint venture will combine Glanbia Ingredients Ireland, Glanbia Consumer Products and Glanbia Agribusiness as a joint venture 60% owned by Glanbia Co-op and 40% owned by Glanbia plc. This builds on the successful Glanbia Ingredients Ireland (GII) joint venture established in 2012.
In addition, Glanbia Co-op shareholders voted to distribute by way of “spin-out” c.5.9 million shares in Glanbia plc to all members of the Co-op. The value of the “spin-out” is an estimated €100 million based on the Glanbia plc closing share price of 17.13 on Friday 17 February 2017.