Glanbia Co-op shareholders vote to create Glanbia Ireland

Glanbia Co-op shareholders vote to create Glanbia Ireland

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

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

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

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)

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.

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.

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.