Moody’s downgrades Senegal to Caa1 amid rising debt concerns
DUBLIN - Glanbia plc announced Tuesday it will purchase up to 45% of shares being sold by Tirlán Co-operative Society Limited, as the co-op moves to divest approximately 7% of the nutrition company’s share capital.
Tirlán intends to sell up to 17 million ordinary shares in Glanbia through an accelerated bookbuild offering to institutional investors, according to a company press release. The co-op will use proceeds to finance the repurchase of its outstanding €250 million 1.875 per cent Secured Exchangeable Bonds due January 2027.
Glanbia’s participation in the share placement is capped at €100 million. The company’s board approved an additional €50 million share buyback authorization to support this purchase, supplementing the €50 million remaining from a €100 million authorization announced in February 2025.
Any shares purchased by Glanbia through this placement will be cancelled. The company confirmed it currently has no unpublished inside information.
Goodbody Stockbrokers UC and J&E Davy are acting as joint global coordinators and joint bookrunners for the placement, with Coöperatieve Rabobank U.A. in cooperation with Kepler Cheuvreux S.A. serving as an additional joint bookrunner.
Glanbia’s share repurchase will be conducted within limitations set by shareholders at the April 2025 Annual General Meeting, which authorized buybacks of up to 10% of issued share capital. This authority expires at the next Annual General Meeting in 2026 or July 31, 2026, whichever comes first.
The company plans to release additional details about its participation once the transaction completes.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.