Glanbia offloads Irish dairy business

Shares in Irish ingredients and cheese group Glanbia climbed after it said its 54.6% shareholder the Glanbia Co-operative Society has agreed to take its Irish Dairy and Agri Businesses off its hands.The value of the transaction is €343m, comprising €316.2m from a placing of 102m shares at €3.10 a time, €49.7 in cash, with €22.9m subtracted for 'risk sharing adjustment.''This transaction provides the prospect of reshaping the business and unlocking growth and development potential for both the Society and the Company,' said Glanbia managing director John Moloney. 'For Glanbia it has compelling strategic logic and creates a focused business with a well established growth strategy, underpinned by improved financial flexibility.'Glanbia said trading has improving since the beginning of the year.