Members of the Glanbia Co-Op Society have voted in favour of selling part of its stake in publicly quoted Glanbia PLC.
The ballot showed 82% of Glanbia Society members voted in favour of the proposition which would see part of the estimated €224m proceeds from the share sale go towards building a new milk processing plant in south Kilkenny.
The remaining funds from the share sale, estimated at €157m based on current market prices, would be distributed to the co-op members.
The society's rules had required 75% of voters to approve the spin-out and share sale. Just over 77% of Glanbia's milk supplier members backed the deal, surpassing the 75% threshold required for their approval.
The proposal is subject to a final, confirmatory vote on December 12.
Today's vote follows the creation of a joint venture between Glanbia and the co-op and the agreement to fund the new plant.
Glanbia's dairy processing arm will now by majority-owned by the co-op with Glanbia PLC retaining a minority stake in the venture.
