Co-op members vote on joint venture to manage milk processing

Glanbia will announce the results of the first vote by 7,800 co-op members on a proposal to establish a new joint venture company at 12pm today.

Backed by farm groups such as the IFA and ICMSA, as well as umbrella co-op body ICOS, the expectation is that shareholders who visited voting stations across the south-east and east have approved the deal. Two further votes in the coming weeks are also expected to support the 60:40 joint venture between the PLC and the co-op, under which the co-op will effectively fund and manage the anticipated expansion of milk processing after 2015.

Nonetheless, with some shareholders having voiced their resistance at recent information meetings hosted by Glanbia, the company is not thought to be taking the outcome for granted.