Dairy processor Glanbia wheeled out a new infant formula brand for the Chinese market this week to coincide with Agriculture Minister Simon Coveney's visit to the country. But with the share price having broken through €6 for the first time should the company not now revive its plans to hive off its Irish dairy processing operations to the controlling farmer co-op?
For Glanbia, the real news this week was not its new Chinese infant formula brand, but its share price. At €6 a share Glanbia is now valued at just under €1.8bn.
With the share price at record levels, will chief executive John Moloney dust off his plans to transform the company into a pure PLC, in return for hiving off its Irish dairy processing operations to its 53pc shareholder, the farmer-owned Glanbia PLC?
This would allow Glanbia PLC to use the currency provided by its current share price to make acquisitions unhindered by worries about diluting the co-op shareholding.
Sunday Indo Business