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Glanbia set to complete dairy ingredients JV after shareholder approval

21-Nov-2012

Glanbia looks set to complete its proposed Glanbia Ingredients Ireland (GII) joint venture with Glanbia Co-operative Society, after gaining shareholder approval for the deal.

Through the proposed deal, Glanbia will own 40% of the business, while its majority shareholder Glanbia Co-operative Society will own the remaining 60%.

“Glanbia plc, the global nutritional solutions and cheese group, is pleased to announce that at an Extraordinary General Meeting held today, Glanbia shareholders have approved the proposal to enter into a dairy processing joint venture with the majority shareholder, Glanbia Co-operative Society Limited,” said a statement from Glanbia.

“This approval follows the positive vote by Members of the Society on 13 November and the Joint Venture transaction is now expected to complete on 25 November 2012,” it added.