The proposed acquisition by Glanbia Co-op of Glanbia Ireland has been notified to the Competition and Consumer Protection Commission (CCPC).

The CCPC will now analyse the proposed acquisition.

In December, shareholders in Glanbia Co-op voted to become the outright and sole owner of Glanbia Ireland, resulting in the processor becoming entirely farmer-owned.

It is Ireland’s largest dairy processor and is also the largest grain buyer in the country.

The co-op will pay €307m to acquire the remaining 40% shareholding in Glanbia Ireland from Glanbia plc.

'Milestone event'

The Irish Farmers' Association (IFA) described the deal as a “milestone event” after it was announced shareholders had voted to become sole owner.

IFA dairy chair Stephen Arthur said: “The largest milk processor in the country is now in the hands of its farmer shareholders. The emphatic result shows that farmers want to have control of their destiny and their livelihoods.

“We have always said a co-op structure serves farmers better than a plc model. The co-op structure ultimately gives more latitude to the board to support its farmer suppliers,” he said.