Glanbia gets green light from shareholders for restructure plans
FARMERS have voted in favour of a €100m spin-out of valuable Glanbia plc shares as they agree to buy a slice of the dairy giant’s consumer and agri-business.
Thousands of dairy and grain farmers from the Kilkenny-based Glanbia Co-op arrived by cars and buses to cast their vote at the special agm at Punchestown event centre.
Farmers voted in favour of paying €112m to acquire a 60pc shareholding in the Plc’s Dairy Ireland division, which consists of Glanbia Consumer Products and Glanbia Agribusiness.
On the day farmers voted to approve the Glanbia Ireland joint venture by 93pc while they voted in favour of the share spin-out and disposal by 91pc.
Chairman Henry Corbally said they always "felt it was the right direction" and it had "advantages for the Plc and farmer shareholders".
Mr Corbally said farming was a "more difficult place" to make a living and they felt the organisation would do its utmost to support them.
The proposal is to create a joint venture in Glanbia Ireland, which will combine Glanbia Ingredients Ireland (GII) and Dairy Ireland’s agri-business and consumer foods division.
Glanbia Ireland will combine Glanbia Ingredients Ireland, Glanbia Consumer Products and Glanbia Agribusiness, as a joint venture 60pc owned by the Co-op and 40pc owned by the plc. This builds on the Glanbia Ingredients Ireland (GII) joint venture established in 2012.