Co-op plans to buy dairy and agri parts of plc

GLANBIA Co-op, which owns 54% of Glanbia plc, has announced its plan to buy the Irish dairy and agri businesses of the plc.

The move would require a significant writedown of its interest in the plc.

The buyout could pave the way for major rationalisation within the dairy sector, but that was not the main aim of the plan, Glanbia Plc chairman, Liam Herlihy, said.