Clearway Capital, an "activist" investor in Glanbia plc has come out publicly suggesting that Glanbia should sell its European joint venture cheese operations and spin off its performance nutrition business and list it on the stock markets in the United States and Ireland. In a letter to Glanbia plc chair Donard Gaynor, the Clearway Capital CEO Gianluca Ferrari, who is obviously trying to steer the strategic direction of Glanbia, insists the moves would unlock significant value in the group and would double the company valuation from €3bn to €6bn. While Clearway only holds less than a 3% stake in Glanbia, he suggests the Glanbia performance nutrition business had lost touch with its consumer base. In his letter, he also states Glanbia has a confused corporate structure and has made questionable capital allocations that complicate the business understanding.