Glanbia Co-operative Society has completed the placement of 5.75 million ordinary shares in Glanbia plc at a price of €12.25 per share.
This is equivalent to about 2% of Glanbia plc's issued share capital
The share placement will raise about €70m for Glanbia Co-op and after the completion of the placement, Glanbia Co-op holds about 30.5% of the issued share capital of Glanbia plc.
In November, Glanbia agreed to sell its 40% share in the country's largest dairy processor to concentrate on making nutritional ingredients for food producers and protein supplements for body builders.
Glanbia is to sell its 40% interest in Glanbia Ireland to Glanbia Co-op, which is owned by farmers who supply milk to the company, for €307m.
Glanbia Co-op already holds the remaining 60% off the country's biggest dairy processor.
Glanbia Co-op also confirmed today that it has raised €250m through the launch of an Equity-Linked Exchangeable Bond.
An exchangeable bond is a type of loan that the holder can exchange into a specified number of shares or cash of equal value.
The five-year Exchangeable Bond is linked to a pledge of approximately 15.1 million Glanbia Plc shares, or 5.3% of the issued share capital.
John Murphy, Chairman of Glanbia Co-op, said he was pleased to confirm to Co-op members that the financing arrangements required to put in place the funding for the proposed deal have been successfully completed.
"Our members voted overwhelmingly in favour of taking 100% ownership of the world-class processing assets closest to our farmers' interests and we look forward to closing that transaction in the coming months, subject to the approval of Glanbia plc's independent shareholders at their EGM," he added.
A date for the EGM has yet to be finalised.
