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Glanbia Co-op Shareholders Vote 'Overwhelmingly' In Favour Of Joint Venture

Glanbia Co-operative Society (Glanbia Co-op) today announced that its shareholders have voted 'overwhelmingly' in favour of the proposal to establish a joint venture to be known as Glanbia Ireland.

Out of almost 2,400 shareholders who voted on a series of proposals at a special general meeting of Glanbia Co-op in Punchestown Event Centre, Co Kildare, yesterday 93% showed their support of the proposal.

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

Commenting on the result, Henry Corbally the Chairman of Glanbia Co-op said: “I’m delighted that Glanbia members have voted overwhelmingly in favour of taking a majority stake in Glanbia’s consumer and agri businesses.

"It’s an historic day for our Co-op and the proposed formation of Glanbia Ireland is an exciting development for Glanbia farmers.”

In addition, Corbally also said that its members endorsed the proposals to distribute approximately €140 million to all Co-op members with a share 'Spin Out' and through member support.

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.

© 2017 - Checkout Magazine by Donna Ahern

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Enjoy the most important stories from the world of Irish grocery retail, curated for you by our team of experts every week.
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