Glanbia falls on reports that Co-op offer faces approval battle
Published 15/04/2010 | 12:05
Glanbia Plc fell as much as 4.7pc in Dublin trading after the Irish Farmers Journal said Glanbia Co-operative Society Ltd may face an "uphill struggle" in getting approval for an offer for Glanbia’s Irish dairy unit.
Most Co-op shareholders remain “open minded” until they see details of the proposed offer, the newspaper reported today.
It said the Co-op, which owns about 55pc of Glanbia, is expected to make a formal offer early next week.
Glanbia said last month that the Co-op had expressed an interest in the dairy unit and is likely to reduce its stake significantly should a transaction go ahead.
The unit includes Glanbia’s dairy ingredients, consumer products and agribusiness divisions.
Glanbia declined as much as 15 cents to €3.05 and traded at that level at 10:52am.