Glanbia PLC shareholders have approved a proposal to enter into a dairy processing joint venture with the Glanbia Co-operative society.

The global nutritional solutions and cheese group held an EGM to vote on the proposal today.

The move follows the positive vote by members of the Co-Op last week. The company said the joint venture transaction is now expected to be completed by November 25.

The new joint venture will be known as Glanbia Ingredients Ireland and will be 60% owned by the Co-Op and 40% owned by Glanbia.

The existing business is the largest dairy ingredients processor in Ireland, assembling a milk pool of 1.6 billion litres and processing it into about.180,000 tonnes of dairy ingredients largely for export to over 50 countries worldwide.