Tesco shareholders give blessing to Booker takeover

LONDON: Shareholders in Tesco, Britain's biggest retailer, on Wednesday overwhelmingly backed the takeover of Booker, the country's largest wholesaler, according to a provisional voting announcement.

At a general meeting of Tesco investors 85.22 percent of votes cast approved the deal, which was valued at 3.7 billion pounds when it was agreed in January 2017 but worth 3.95 billion pounds at Tuesday's closing share prices.

Tesco required the support of 50 percent of votes cast.

The proposed transaction is due to be voted on by Booker shareholders at a meeting later on Wednesday. At that meeting it needs the support of 75 percent of votes cast to proceed.

If Booker shareholders back the deal it is expected to complete on March 5.