Waste Management shareholders approve merger

Waste Management NZ Ltd shareholders have approved overwhelmingly the controversial merger of their company with Transpacific Industries Group Ltd of Australia.

They backed the unanimous recommendation of Waste Management's directors at the annual meeting in Auckland today, ending a controversial debate over yet another New Zealand company to fall into Australian hands.

Transpacific, through its New Zealand subsidiary, will now acquire 100 per cent of the waste collection and disposal group at $8.842 a share, 22c higher than the shares traded yesterday.

A special fully imputed dividend of 54c a share will be paid to shareholders before the amalgamation comes into effect.

- NZPA