Seven Network Ltd announced today that the Federal Court has approved Seven’s plan to hold shareholders meetings in relation to the proposed merger between the listed Seven Network Ltd and Kerry’s Stokes’ private WesTrac assets.
The new company if given the go ahead by shareholders, will according to Seven contain Seven’s existing investments, including the 47% ownership stake in the Seven Media Group and investments in Consolidated Media Holdings and West Australian Newspaper Holdings. It will also include WesTrac Group, the sole authorised Caterpillar equipment dealer in Western Australia, NSW / ACT and the North East region of China.
Federal Court Justice Peter Jacobson stated in approving the planned shareholder meetings that “ASIC has had a full opportunity to consider the schemes and has issued its standard letter stating that it does not currently propose to intervene to oppose the schemes.”
Today’s announcement is another step forward for Kerry Stokes to increase his stake of 48% in the Seven Network to a 68% stake in the new company.
For the record Seven shares closed up 0.4%.
For more information on the proposed deal check out http://www.sevengroup.com.au/