SHARES in Glanbia rose this morning, after Glanbia Co-op sold more than 3pc of the company.
In a statement, Glanbia said the co-op placed 8,844,230 ordinary shares at a price of €7.60 per share. The placing will complete on 21 December 2012.
The move comes almost a week after Co-op members backed a plan to reduce its holding in Glanbia Plc, the food group it part owns from 51pc to 41pc. Under the plan, 3pc of shares were sold on the open market today, while the remaining 7pc will be distributed directly to co-op members. That is expected to be completed by next March.
The placing is the final piece of a plan to spin out Glanbia’s milk production into a joint venture between the co-op and PLC.
By lunchtime in Dublin shares were up 3.6pc at €7.95.