Ruralco $469 million takeover gets the nod

Ruralco shareholders have overwhelmingly voted in favour of a $469 million takeover by Canadian fertiliser giant Nutrien.

Shareholders representing 98.74 per cent of the rural services company voted to accept Nutrien's $4.40 per share offer, comprised of a $3.56 consideration and a fully franked 84 cent special dividend.

The offer only needed 75 per cent approval at Friday's meeting in Sydney for it to pass.

The takeover will now go before the Federal Court for approval on Thursday, with Ruralco shares expected to cease trade the following day ahead of a September 30 implementation date.

Friday's vote had been rescheduled from July 17 so the competition regulator and Foreign Investment Review Board could assess the takeover, with the ACCC allowing it to proceed after Nutrien agreed to divest three rural merchandise stores to ease competition concerns.

Ruralco shares shot up by 45 per cent from $3.06 to $4.44 when the initial offer from Nutrien was announced in February.

Austrlaian Associated PressBack to Breaking News

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