Telecom NZ cleared for PowerTel takeover
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April 30, 2007 - 4:04PM
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New Zealand's biggest company, Telecom New Zealand, has won legal approval in the Federal Court of Australia for its proposed $357 million takeover of PowerTel.
Telecom on Monday said the Federal Court had approved the scheme of arrangement between the two telecommunications companies, under which Telecom was offering PowerTel shareholders $2.30 a share.
The plan, which has the backing of the PowerTel board, was approved by the Sydney-based company's shareholders earlier this month.
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