Final hurdle in Glanbia's efforts to offload dairy unit takes place today
Glanbia plc's long-running efforts to sell a majority stake in its dairy business to its largest shareholder, Glanbia Co-operative Society, is expected to clear a final hurdle today as independent shareholders vote on whether to back the €112m deal at an extraordinary general meeting in Co Kilkenny.
The proposal has already received the overwhelming support of co-op farmer members, who met last week in Kildare.
A greenlight from Glanbia's remaining investors will usher in a new joint venture between the two organisations.
Glanbia Ireland, which will own brands such as Avonmore, GAIN, Kilmeaden Cheese, Premier and Wexford, will be controlled 60-40 by the Glanbia Co-op and Glanbia plc.
The EGM caps a seven-year struggle by Glanbia plc to offload its dairy unit, and concentrate instead on its sprawling global nutrition business.
Tomorrow, the convenience food giant Greencore is due to unveil its 2017 interim results, as will UDG healthcare. Kingfisher, Europe's largest home improvement retailer, releases a trading update on Thursday.