Shareholders at Glanbia Co-Op Society have voted in favour of management proposals to change the structure of the society.
At a special general meeting in Gowran Park in Kilkenny, 81% of the 4,664 people who attended voted yes.
Thousands of the food and dairy company’s shareholders travelled to a specially-constructed marquee venue at the racecourse for the culmination of a process that has taken years of planning by management.
The vote means that Glanbia Co-op could either sell 10% of its stake in Glanbia Plc, or cash in €225m worth of shares.
Some of the money raised would then be used to provide equity and help build a new milk processing plant in south Kilkenny.
Most of it would be used to deliver nearly €160m in a share spin-out to farmers and others, with €15,000 going to the average milk supplier, but much more to larger shareholders.
The management proposal needed 75% backing of both active milk suppliers and shareholders.
Management said they were delighted with the outcome.