Glanbia Co-operative Society (Glanbia Co-op) has announced that its shareholders have voted overwhelmingly in favour of the proposal to establish a joint venture to be known as Glanbia Ireland.
The result at the Special General Meeting (SGM) 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.