AFR article
TPG Telecom shareholders have almost unanimously voted in favour of the$15 billion merger with Vodafone Hutchison Australia, opening the way for the landmark deal to be complete by July 13.
At that time the two companies will become one ASX-listed telecom giant headed up by Vodafone chief executive Inaki Berroeta, with TPG's billionaire founder and executive chairman David Teoh taking the role of non-executive chairman.
The vote was uncontroversial, with no shareholders submitting questions, and 99.68 per cent of proxies voting in favour of the deal. It marks the end of two-year long saga that saw thecompetition regulator opposing the merger, only for the decision to be overturned in the Federal Court.
TPG executive chairman David Teoh said: "The merger brings together two highly complementary businesses to create a leading integrated, full-service telecommunications company with a comprehensive portfolio of fixed and mobile products for consumers, SMEs and enterprises.
"Combining the network infrastructure of TPG and VHA will enable the Merged Co to deliver better services and more competitive value propositions to Australian customers and become a more formidable competitor in the market."
Before the merger TPG shareholders will receive a fully-franked special dividend of between 49¢ and 52¢ per share. The company's Singapore operations will be hived off and listed on the ASX as a separate company called Tuas.
Really - DYOR
The scheme will go before the Supreme Court of New South Wales on Friday. Pending approval, the merger will then be clear for completion. It will then go to the Australian Securities and Investments.
TPG will then merge into Vodafone Hutchison Australia, whih will change its name to TPG Telecom and list on the ASX under the ticker TPG. The merger is expected to be complete on July 13.
Wednesday's meeting also include a vote on changing TPG Telecom's name to TPG Corporation Limited, in order to allow Vodafone to assume the name TPG Telecom. The proxy vote on the resolution was 99.67 per cent in favour.
More to come.
