SIG shareholders have approved Rank Group's $3.2 billion takeover offer, increasing Graeme Hart's share of the global packaging industry.
The holders of 54.3 per cent of shares approved the proposal at SIG's annual meeting in Switzerland on Monday, and elected a new board including Hart and Burns Philpexecutive Thomas Degnan.
The directors earlier recommended the Rank offer because of the cash price, the "industrial logic", and Rank's intention to still operate SIG as an independent unit under the present management team in Switzerland.
Hart saw off a rival bid from Norway's Elopak, which gave up days after Rank raised its cash offer by 18 per cent to 435 francs a share.
SIG shareholders approved the elimination of the transfer of ownership and voting restrictions, conditions of the offer which will consolidate Rank's control.
"With the resolutions adopted at the annual general meeting and the payment of the offer price, expected on May 11, 2007, the takeover of SIG by Rank can be completed within a short space of time," a SIG statement said.
Rank has said it will consider delisting SIG.
The purchase is part of Rank's plan to expand its packaging presence into the lucrative United States and European markets. Folding SIG into Rank Group will give the company more leverage over setting prices.
With 15 per cent of the market, SIG is the world's second-largest maker of drink cartons after Sweden's Tetra Pak, which has an 80 per cent market share, according to website foodproductiondaily.com.
Rank owns Carter Holt Harvey, a market leader in cardboard and packaging in Australia and New Zealand, and has bought International Paper's beverage packaging unit for US$500 million.
SIG has 4675 employees and generated net sales of € 1.35 billion last year.
