independent

Sunday 20 April 2014

Glanbia's shareholder vote makes company's dream a reality

THE successful passing of the first vote to reduce Glanbia Co-op's shareholding in the food group it part-owns, Glanbia PLC, from 51pc to 41pc will be welcomed by most shareholders.

The farmers will now gain a windfall in PLC shares worth more than €15,000, while institutional investors in the PLC will be happy to see the co-op lose its controlling stake in the publicly traded company.

The farmer shareholders will now vote again on the deal in a fortnight's time, but the fact that 75pc of voters approved it yesterday means the second vote is likely to pass without hindrance.

The funds from the sale will be used to finance the co-op's 60pc share of the new milk processing joint venture.

That should be welcomed, as it significantly reduces the debt burden on the joint venture – and by extension the co-op.

He has faced stiff opposition, but for Glanbia PLC boss John Moloney, the vote also means the hard part is now done.

He is unlikely to admit it publicly, and nor should he, but after nearly three tough years, he is now in a position to lead a fast-growing, high margin nutritionals business. At last, the dream is within his grasp.

Also in this Section

Classifieds

CarsIreland

Independent Shopping.ie

Meet, chat and connect with
singles in your area

Independent Shopping.ie

Meet Singles Now

Findajob

Apps

Now available on

Top Stories

Most Read

Independent Gallery

Your photos

Send us your weather photos promo

Celebrity News