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.