Monday 21 April 2014

Co-op sells 3pc of Glanbia's shares

GLANBIA co-op has sold 3pc of its holding in Glanbia plc, the food group it part owns, as part of the terms of a joint venture to spin out the company's milk- processing business.

The co-op sold a little over 8.8 million shares at €7.60, raising €67.2m. The placement, which was run by Jeffries and Davy Stockbrokers, reduces the co-op's holding in Glanbia plc to 51pc.

News of the placement came as shareholders of Glanbia plc overwhelmingly backed the planned spinning out of the company's milk-processing business into a joint venture with its farmer shareholders.

At an extraordinary general meeting in Kilkenny, 99pc of shareholders supported the deal, which will see the co-op and the plc take on the company's milk-processing function in a joint venture split 60:40 between the two companies.

The vote came a week after more than 70pc of Glanbia milk suppliers supported the co-op's participation in the plan.

The co-op shareholders will now vote twice next month on whether it should sell another 10pc of its shares in the plc in order to finance the venture, which will see a new milk-processing plant built at Belview Port in south Kilkenny.

Glanbia closed in Dublin marginally lower at €7.75.

Irish Independent

Also in this Section




Meet, chat and connect with
singles in your area


Meet Singles Now



Now available on

Top Stories

Most Read

Independent Gallery

Your photos

Send us your weather photos promo

Celebrity News