SHAREHOLDERS of Glanbia have 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 this morning, investors supported the deal, which will see Glanbia 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 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.
The deal now is expected to close later this week.
By lunchtime, shares in Glanbia were down 1.2pc, at €7.68.