MINNEAPOLIS (AP) â¿¿ Pentair Inc. said Friday that shareholders have approved the company's $4.53 billion proposal to merge with Tyco International Ltd.'s flow control business, which will unite two of the biggest players in water and fluid products systems.
Pentair said about 85 percent of its shares were voted in favor of the all-stock deal, which Tyco agreed to in March. The company would keep the Pentair name, and Tyco shareholders would own 52.5 percent of the combined company. Tyco shareholders still have to vote on the deal.
The move is part of Tyco's plan to break itself up into three independent companies, including one for flow control products. The business sells valves and controls for the energy, mining and water markets. It also designs and installs heat management systems for the energy and general process industries.
Pentair's water and fluid solutions business makes products and systems for use in the movement, storage and treatment of water for residential, industrial, commercial, municipal, and agricultural uses.Minneapolis-based Pentair has said the addition of Tyco's business will boost its global reach and give it greater access to developed and fast growth regions, while also allowing it to capitalize on growth trends in the energy, infrastructure and industrial sectors. Shares of Pentair fell 39 cents to close at $42.99 Friday and Tyco shares lost 41 cents to finish at $55.24.