Shareholders have backed Tesco’s £4bn takeover of Booker, effectively clearing away the final hurdle to the combination of Britain’s biggest supermarkets group with the country’s leading wholesaler.
Despite some opposition and boardroom divisions, investors on both sides supported the deal yesterday, paving the way for the formation of a grocery company with annual revenues of more than £60bn.
Just over 85% of Tesco’s investors approved the deal and 83% of Booker shareholders voted in favour. Last year the takeover sailed through a review by the Competition and Markets Authority, which concluded that it would not lead to higher prices or weaker service.
