Today's Glanbia shareholder vote in Co Kilkenny on taking the Co-op's stake in the plc below 50% is too close to call, analysts say.

Glanbia needs to get 75% approval of both active milk suppliers and shareholders.

It is believed the result could be as tight as the Glanbia demerger vote in 2010, which fell 2% short of the required 75% threshold.

Up to 5,000 shareholders in one of the country's biggest firms are meeting in Gowran Park to vote today and the results should be known this afternoon.

The motion being voted on, if passed, would mean Glanbia Co-Op selling 10% of its stake in Glanbia PLC, or cashing in €225m worth of shares.

Some of the money would be used to provide equity and help build a new milk processing plant in south Kilkenny. Most of it would 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.