Glanbia members to net €238m windfall

Members of Glanbia Co-op are to receive a windfall of around €238m, having voted overwhelmingly in favour of a package of proposals geared towards post-quota dairy expansion.

The co-op’s board sought and gained approval for the transfer, via a share spin out, of 10m Glanbia plc shares, valued at around €170m, to all existing members of the society.

The society will also create a €68m members’ support fund through the sale of 4m Glanbia plc shares. The measures were approved at a meeting with members at Gowran Park Racecourse, Co Kilkenny.