Glanbia is progressing toward a May decision day for the proposal to create Glanbia Ireland.

The co-op proposes to purchase 60% of agribusiness and consumer foods, which would comprise the new entity together with Glanbia Ingredients Ireland.

The co-op’s 70-strong council has unanimously endorsed the proposal, which would also see a spin-out of 2% (worth €100m) of the co-op’s plc shareholding to its membership. A further 3% of shareholding will fund the purchase and create a support fund for co-op members.

Next Wednesday 26 April sees the Glanbia plc AGM, when it is expected the proposal will be endorsed. Ten information meetings will then be held around the Glanbia region, starting the next day in the Newpark Hotel Kilkenny. The co-op membership will then gather to decide whether to approve the deal.

The word from the meetings held with each regional committee by management indicates the date pencilled in is Thursday 18 May, with Punchestown Racecourse the likely venue.

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