Glanbia co-op has completed a 3 per cent placing in Glanbia PLC.

The sale of the 8.8 million shares at €7.60 per share, generated €67 million for the co-op, and will be used to help fund the ingredients business and clear debts in the co-op.

This placing follows the recent approval by the Society members of the proposed reduction in its shareholding in Glanbia. The new venture, called Glanbia Ingredients Ireland, will be the largest dairy processing business in the country.

Last week’s vote was the third and final vote in a complex deal to form a new joint venture between the plc and Glanbia co-op.

Under co-op rules, the deal had to be passed by 75 per cent of eligible members at two special general meetings. The first, which saw the vote carried with an 82 per cent majority, took place two weeks ago; yesterday’s vote confirmed that.

Some 4,522 farmers cast their votes in Gowran Park, Kilkenny, yesterday, slightly less than the 4,649 who made the earlier journey.

Last Thursday’s vote means that members will get a windfall as part of the share spin-out and sale. They will receive 7 per cent of the issued share capital of the plc and can then sell or keep the shares. That shareholding is worth about €157 million and farmers will receive, on average, between €15,000 and €20,000 worth of shares.