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Massive AWM shareholder approval for IOOF merger
Australian Wealth Management (AWM) shareholders have approved the proposed merger of financial services groups IOOF Holdings (IOOF) and AWM.
Approximately 99.7 per cent of the votes cast at a meeting held yesterday were in favour of the merger, according to an Australian Securities Exchange media release.
IOOF chairman Ian Blair welcomed the "strong vote" by AWM shareholders, according to the release, saying it indicated AWM shareholders appreciated the benefits the merger would create.
It will bring together two complementary businesses with operations spanning the entire wealth management value chain.
The merger, proposed for April 30, remains conditional upon the approval of the Supreme Court of Victoria and the lodgement of the orders of the court with the Australian Securities and Investments Commission.
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