Glanbia Co-op shareholders vote to create Glanbia Ireland

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Glanbia Co-op shareholders vote overwhelmingly in favour of proposals to establish a joint venture to be known as Glanbia Ireland (93% in favour)

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Glanbia Ireland will be a new strategic joint venture 60% owned by Glanbia Co-op and 40% owned by Glanbia plc

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The creation of Glanbia Ireland is subject to an approval vote by Glanbia plc’s independent shareholders at an Extraordinary General Meeting on Monday.

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Almost 2,400 shareholders voted on a series of proposals at a Special General Meeting of Glanbia Co-op in Punchestown Event Centre, Co Kildare today (Thursday 18 May)

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Glanbia Co-op shareholders also voted in favour of proposals to “spin-out” €100m worth of Glanbia plc shares and the allocation of €40m to Member Support

Shareholders in Glanbia co-op have voted overwhelmingly in favour of a proposal to establish a joint venture to be known as Glanbia Ireland. The result at a Special General Meeting (SGM) in Kildare yesterday was 93.1% in favour of this proposal, with 6.9% against. Originally announced on 22 February, Glanbia Co-op has agreed to pay €112 million to acquire a 60% shareholding in Glanbia plc’s Dairy Ireland division, which consists of Glanbia Consumer Products and Glanbia Agribusiness.

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The new joint venture will combine Glanbia Ingredients Ireland, Glanbia Consumer Products and Glanbia Agribusiness as a joint venture 60% owned by Glanbia Co-op and 40% owned by Glanbia plc. This builds on the successful Glanbia Ingredients Ireland (GII) joint venture established in 2012.

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In addition, Glanbia Co-op shareholders voted to distribute by way of “spin-out” c.5.9 million shares in Glanbia plc to all members of the Co-op. The value of the “spin-out” is an estimated €100 million based on the Glanbia plc closing share price of 17.13 on Friday 17 February 2017. The shareholders of the Co-op also voted to allocate up to €40 million of its resources to Member Support.