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Irish Times
12-05-2025
- Business
- Irish Times
Tírlan urged to seek expert advice on Glanbia holding
The board of dairy co-op Tírlan has been urged to seek expert advice on how it should dispose of its stake in Glanbia plc. The group, which owns the Avonmore and Kilmeaden brands, has lost up to €500 million on the value of its holding amid a slump in Glanbia's share price. It is currently in the process of spinning out 15 million Glanbia shares to members but at a greatly reduced value, an issue that has created tensions within the group. At a heated AGM this month, Tírlan shareholders repeatedly asked the board if it had sought outside advice on how best to divest of its holding in the Kilkenny-based nutritionals group, and what – as Glanbia's largest shareholder – it planned to do about the PLC's recent underperformance. READ MORE Glanbia shares have slumped in recent months on the back of a profit warning and questions about the strategic direction of the company. Activist investor Clearway Capital, which has a 1 per cent stake in Glanbia, has called for a strategic review of the company, with the goal of splitting it up, and has attempted to enlist support from Tírlan. 'The time has come to conduct a formal, board-led strategic review focused specifically on separating the businesses from one another,' Clearway's founder and chief executive Gianluca Ferrari said in a recent letter to Tírlan. A separation could be achieved through various means, including sales of its US dairy and global ingredients assets, or a spin-off its biggest division, Glanbia Performance Nutrition (GPN), which sells protein powders and shakes to gym-goers and dieters, to existing shareholders and a listing on a US exchange, he said. At Glanbia's AGM last month, Mr Ferrari said the 'sprawling corporate structure' was undervaluing the business and amplifying shocks. At the Tírlan AGM, one shareholder asked why it took an investor with barely 1 per cent of shares to raise questions about Glanbia's operation. In response to queries from The Irish Times, Tírlan, formerly Glanbia Ireland, declined to comment. Glanbia has linked its poor share performance and recent profit warning to a sudden and unexpected jump in the price of whey protein, its main input. The company has also signalled it planned to offload its ailing SlimFast brand, acquired in 2018 for $350 million, following a fall-off in sales. Chief executive Hugh McGuire insisted last month that 2024 was a strong year for the group but it had been hit by two notable headwinds: the high-than-expected price of whey protein and, more recently, US tariffs which he described as a 'massive distraction for the business'.
Irish Times
30-04-2025
- Business
- Irish Times
Glanbia reiterates guidance ahead of AGM showdown
Glanbia reiterated its full year guidance for the year, even as sales at its performance nutritionals business dipped in the first three months of the year. The company, which is facing an activist investor calling for the possible break up of the company, said like-for-like revenue for the first quarter grew 4.5 per cent compared to a year ago. That came even as sales at its performance nutritionals unit fell 6.6 per cent. Its key Optimum Nutrition brand saw sales fall 3.1 per cent. £With the first quarter having progressed as planned, and whilst noting the ongoing uncertainty in relation to direct tariffs, we are pleased to reiterate our 2025 full year guidance of adjusted EPS2 in the range of 124 US cent – 130 US cent (-11 per cent to -7 per cent constant currency)," chief executive Hugh Maguire said. READ MORE Glanbia holds its AGM later today. Earlier this week a German activist investor, Clearway Capital wrote to the board of Tirlán Co-operative Society, the nutrition group's largest shareholder, in a bid to enlist support for a campaign for the business to carry out a strategic review after a share price slump.
Business Post
27-04-2025
- Business
- Business Post
Activist re-activated: Glanbia's German tormentor turns to Tirlán to force change at ‘undervalued' firm
companies Activist re-activated: Glanbia's German tormentor turns to Tirlán to force change at 'undervalued' firm Clearway Capital has asked the milk co-operative to use its voting rights to bring change to the firm's corporate structure and sell its parts Emma Hanrahan and Laura Roddy 06:42 Tirlán owns a 29.3 per cent stake in Glanbia, which is led by Hugh McGuire
Business Post
26-04-2025
- Business
- Business Post
Glanbia share price decline ‘wipes €710 million' off value of Tirlán's stake in the listed company
Companies Clearway Capital, a German activist investor in Glanbia, contacted the board of Tirlán co-operative society seeking support for a campaign aimed to begin a strategic review of the company
Irish Times
25-04-2025
- Business
- Irish Times
Earnings boost European stocks while New York frets over Trump
Earnings news boosted European shares on Friday as US data sounded an inflation warning. DUBLIN Traders said activity on the Dublin market was 'lethargic' as the Iseq index finished the session fractionally ahead, with no news to spur investors. 'It was all a bit quieter today,' said one. Glanbia shed 1.82 per cent to close at €9.99. Dealers said the shares were still feeling the impact of the news that activist investor Clearway Capital was demanding a strategic review of the food and nutrition business. Insulation and building materials group Kingspan climbed 4.27 per cent to €74.50. There was nothing stock specific behind the move, dealers noted. The group reports first-quarter results at the end of the month. READ MORE Housebuilder Glenveagh Properties added 1.85 per cent to close at €1.65. LONDON London's blue-chip FTSE 100 closed up almost eight points on Friday, a rise of 0.09 per cent for its tenth positive session in a row. It is the index's longest winning run since 2019, when Boris Johnson's election win sparked a relief rally. Aircraft engine and components manufacturer Melrose Industries posted the strongest performance, adding 3.77 per cent to 429.4 pence sterling. Ben & Jerry's ice cream and Knorr soups owner Unilever shed 2.21 per cent to 4,685p. EUROPE European stocks also closed higher on Friday as positive earnings reports eased trade uncertainty. The benchmark Stoxx 600 index closed around 0.3 per cent higher. Germany's Dax and France's CAC were both up on the day. Jet engine maker Safran was up 4.16 per cent around close of business Irish time at €230.10. The group reported first-quarter revenues rose 16.7 per cent to €7.26 billion, beating market expectations. Chief executive, Olivier Andriès noted that China would exempt some aerospace engine parts from tariffs. Defence contractor Saab ended the day 0.16 per cent up at 426.15 Swedish kroner. But the stock traded as much as 5 per cent higher during the day after the company reported sales up 11 per cent at SKr15.8 billion. President and chief executive, Micael Johansson, said the group was 'fully committed' to Europe's defence build-up. Investors are shifting increasingly to defence stocks as security fears grow in Europe and other regions. Building materials giant Holcim, a rival to Irish giant, CRH, climbed 1.66 per cent to 91.90 Swiss francs. The group reported that operations earned SFr515 million profit in the first three months of the year, beating market expectations. Chief executive Miljan Gutovic told reporters the group was 'well prepared' to navigate any tariff turmoil. French supermarket chain Carrefour edged 0.15 per cent down to €13.75 as advisers split over its move to take Brazilian grocer Atacadao private. Carrefour is the chain's controlling shareholder and is bidding to buy out its other investors. Some advisers argue its 8.50 Brazilian reais a share offer is not enough. NEW YORK A solid week on Wall Street looked to end on a softer note, with stocks churning after one of the worst-ever consumer sentiment readings added to anxiety about the repercussions of president Donald Trump's trade war. Following a three-day rally, the S&P 500 wavered as data also showed long-term inflation expectations climbing to the highest since 1991. A mixed bag of corporate earnings brought little relief to investors sceptical about a timely resolution of the US tariff spat with its top partners. Most equity industries dropped on Friday, though big tech gained after Alphabet's solid results. As investors digested conflicting signals on whether the US-China trade spat is de-escalating, speculation grew that the world's two largest economies won't set aside their differences so quickly. Bonds and the dollar rose. – Additional reporting: Bloomberg
