A RESOLUTION to revisit the proposed deal to sell Glanbia’s Irish dairy business to co-op members was carried at the annual general meeting of the Glanbia Co-operative Society yesterday.
The resolution was brought by the Barrowvale region representation.
While the resolution is not binding, it will be seen as an indication of the level of support among farmers for revisiting the deal in some form.
A second resolution, which tabled a motion of no confidence in the co-operative board, was defeated at the meeting.
About 150 co-op members attended yesterday’s agm of the Glanbia co-operative in Kilkenny. Glanbia co-operative is a 54 per cent shareholder in Glanbia plc. Glanbia plc’s agm was held two weeks ago.
The proposed deal to sell the Irish dairy business to its majority shareholder for about €350 million was narrowly defeated by members on May 10th.
While the buy-back deal was supported by 73 per cent of co-op members, a majority of 75 per cent was required for the deal to be passed.
Co-op chairman Liam Herlihy said last month that the co-operative board would begin a consultative process with members, although he insisted there would be no “plan B” and that the co-op rules would not be changed.
Mr Herlihy told members yesterday that the board was continuing to consult with its members at a committee level.
However, it is considered unlikely that any deal would be reignited before the end of the summer.
Farmers were also told yesterday that the price of milk would be increased to 30 cents a litre. The announcement follows last week’s decision by Kerry Group to set a milk price of 30 cents a litre for last month’s milk.
