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