French electrical equipment maker Schneider Electric SA (>> SCHNEIDER ELECTRIC) said Thursday its acquisition of industrial and commercial technology company Invensys (>> SYSTEM C ORD 1P) was approved by an overwhelming majority of Invensys shareholders.
- At the General Meeting of shareholders, 99.95% of the shares voted were in favor of the special resolution to approve the scheme, well above the 75% threshold required.
- Completion of the transaction remains subject to the satisfaction or waiver of certain other conditions set out in the Scheme Document. They include the obtaining of certain regulatory approvals as well as the Court sanctioning the Scheme and the associated reduction of Invensys' share capital at Court hearings.
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