Irish dairy Tirlán Co-operative has sold 12 million shares in Glanbia plc at a price of €21.47 per share, resulting in proceeds of approximately €257.6m.
The deal, which comes as the co-op looks to diversify its portfolio, leaves Tirlán holding 31.5 million shares in Glanbia, or approximately 13.2% of the issued share capital.
This follows a previous cut to the co-op’s Glabia stake last October, when it sold 17m shares to fund the cancellation of a €250m exchangeable bond.
Tirlán chair Gerald O’Brien said that the transaction represented a step in the co-op’s longer-term journey to have a more diversified investment portfolio, in line with the approval obtained from members in October 2024.
“It is the board’s intention to re-invest the funds raised, over time, in the longer-term best interests of the co-op,” he said.
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“Importantly, we retain strong confidence in Glanbia plc’s strategy, performance and future outlook, and we remain its largest shareholder.”
The sale will be followed by a change to the co-op’s representation on the Glanbia board, cutting its number of directors from two to one with effect from 5 August, in line with its reduced stake.
John Murphy and Wiliam Carroll will retire from the Glanbia plc Board with effect on 4 August, with O’Brien joining the Glanbia plc Board as a non-executive director effective 5 August.
Following this change, the Glanbia board will be comprised of 10 directors: two executive directors, the group chair and seven non-executive directors, including O’Brien for Tirlán.
In other news, Tirlán – which recently reported an operating profit of €63.7m for 2025 – has confirmed that €4.5m has been paid to suppliers who traded with the co-op in the early part of this year.
Tirlán said the payment recognises suppliers who met the dairy support package’s qualifying threshold.
A further payment run will take place before the end of 2026 for suppliers who reach the 5c/L qualifying threshold through their 2026 trading activity, the co-op added.
The package was created help producers manage costs such as feed and fertiliser, to support strong cow performance, grass growth and milk solids output, and to recognise and reward ongoing trade with the co-op.
