Glanbia plc completes sale of Dairy Ireland
Glanbia has completed the sale of a 60pc interest in Glanbia Dairy Ireland to Glanbia co-op.
It comes after shareholders voted in May in favour of paying €112m to acquire a 60pc shareholding in the Plc’s Dairy Ireland division, which consists of Glanbia Consumer Products and Glanbia Agribusiness.
Glanbia announced today that the sale was now complete.
Final consideration payable to Glanbia relating to the Proposed Transaction is subject to finalisation of the value of actual working capital in Dairy Ireland at the completion date, and completion accounts, which are currently being prepared, and this will be published after these have been finalised and agreed.
On the day farmers voted to approve the Glanbia Ireland joint venture by 93pc while they voted in favour of the share spin-out and disposal by 91pc.
For active dairy farmer members, the average value of the spin-out would be €10,791. This would be worth approximately €6,637 for a member with the average shareholding.