Glanbia demerger 'is done'
Published 18/05/2010 | 05:00
Glanbia has insisted that the process to demerge the co-op and plc has been concluded.
A proposal for Glanbia Co-op to buy out the Irish operations of Glanbia Plc was narrowly defeated last week. It required 75pc backing of the co-op's shareholders but it received just 72pc.
It has been suggested that a re-run of the campaign was on the cards, given that the initiative fell just 3pc short of the required threshold. However, this was discounted by the company.
"Recognising the outcome of the vote result last Monday, the process that was under way has been concluded," a Glanbia statement read.
It added that the Glanbia board respected the democratic decision.
"This decision has been taken notwithstanding the majority support for the concept and acknowledging the number of phone calls and messages of regret received since Monday. The board continues with its belief that the proposal remains the right one," the statement added.
"In line with normal Glanbia Society activity, there will be a meeting of the council to review the outcome of the SGM and thereafter the normal committee meetings will take place."