st george shareholders approve westpac merger

St George shareholders approve Westpac merger
Article from: AAP



ST GEORGE shareholders have approved the takeover of the bank by Westpac.

The vote was carried out at an extraordinary general meeting held in Sydney today. The offer had already been recommended by St George directors.

"The Westpac proposal was about bringing together two very successful businesses with iconic brands and complementary cultures and therefore it made great strategic sense," St George chairman John Curtis said.

Westpac is offering 1.31 of its shares for every St George share. St George shareholders will also receive a special dividend payment.

By holder, 88.89 per cent of votes were cast in favour, with 9.8 per cent against.

Some 94.37 per cent of proxy votes were in favour of the merger, with 4.95 per cent against.

The proposal had been expected to pass.