Shareholders approve HBOS take over of BankWest
(Australia) Although the deal attracted the ire of many of the 1250 shareholders who gathered to vote in Perth on Monday, HBOS was finally given the green light to buy out the remaining shares in BankWest.
Many smaller shareholders were unhappy with the A4.25 a share offer from HBOS but larger investors ensured the takeover proceeded without too much trouble.
In the end, just under 80 percent of BankWest shareholders approved the deal.
HBOS, which has been the majority shareholder of BankWest since 1995 and is Europe’s fourth largest banking group, said the positive vote was "an important step for HBOS".
According to HBOS corporate banking chief executive George Mitchell, full ownership would provide BankWest with "the stability and prospects for further development of a significant WA-based business in the wider Australian market".
The final decision rests on a court hearing on August 26.
BankWest had assets of A$24.4 billion at the end of FY 2002.
In the end, just under 80 percent of BankWest shareholders approved the deal.
HBOS, which has been the majority shareholder of BankWest since 1995 and is Europe’s fourth largest banking group, said the positive vote was "an important step for HBOS".
According to HBOS corporate banking chief executive George Mitchell, full ownership would provide BankWest with "the stability and prospects for further development of a significant WA-based business in the wider Australian market".
The final decision rests on a court hearing on August 26.
BankWest had assets of A$24.4 billion at the end of FY 2002.
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