Running out of muscle: Activist investor pushes for radical shake-up of Glanbia

Clearway Capital believes shares in Glanbia are ‘deeply undervalued’, and that it’s time to hive off its prized performance nutrition arm. But will other investors back a radical shake-up in the Irish nutrition giant?

Siobhan Talbot, chief executive of Glanbia: has implemented a major restructuring programme over the last two years, which is producing results

In October 2018, Glanbia announced it had agreed a more than €300 million deal to acquire Slimfast, the well-known US weight loss brand. To this day, it remains the largest acquisition in the company’s history. It is also the most unusual.

The firm’s roots are firmly steeped in dairy, where it started off processing milk into fat filled dairy ingredients such as butter and cheese. In more recent times, it has evolved into what it ...