Seven-WesTrac merger nears finish line
THE Federal Court is the last remaining obstacle to a $3 billion merger of Perth billionaire Kerry Stokes WesTrac heavy equipment business and the Seven Network, following overwhelming approval of Seven’s minority shareholders this week.
At a meeting in Sydney on Tuesday, almost 90 per cent of all shares voted by minority shareholders were cast in favour of Mr Stokes’ plan to sell WesTrac to Seven for $1 billion in shares and the assumption of $1 billion in debt carried by the Caterpillar dealer.
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