Glanbia’s shareholders have voted overwhelmingly in favour of forming Glanbia Ireland.
The vote was taken at this afternoon’s Special General Meeting in Punchestown where the go-ahead was given for the 1.5 billion euro venture.
It will incorporate leading brands like Avonmore, GAIN Feeds and Premier Milk.
STATEMENT FROM GLANBIA:
18 May 2017 – 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. The result at today’s 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. The shareholders of the Co-op also voted to allocate up to €40 million of its resources to Member Support.
These proposals were approved by eligible members of Glanbia Co-op attending an SGM of the Co-op held today, 18 May 2017, at Punchestown Event Centre in Co. Kildare