Co-operative Votes against Splitting Off Glanbia Dairy Unit

Irish food group Glanbia has been thwarted in its attempt to separate its dairy division - Dairy Ireland - from its consumer products business after the Glanbia Co-operative Society, which owns 54.6% of the firm, voted against the deal. The deal would have seen publicly listed Glanbia retain ownership of the international food business, which is primarily focused on the US cheese and nutrition segments, while the Glanbia Co-operative Society would have purchased control of the Irish dairy unit for around EUR340mn. However, only 73% of the society's farmer-owners voted in favour of the proposal, falling short the 75% needed

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