Shareholders back BankWest takeover

Australian regional bank Bank of Western Australia said yesterday shareholder proxy votes were strongly in favour of a takeover by British banking giant HBOS.

BankWest said 85 per cent of shares and 81 per cent of shareholders were in favour of the deal, according to proxy votes counted at a meeting of BankWest shareholders in Perth.

HBOS is looking to buy the remaining 43 per cent of the Perth-based lender its does not own for A$1.04 billion ($1.16 billion), or A$4.25 in cash and a 10Ac dividend.