Seagram Shareholders Approve Merger With Vivendi
Seagram
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said Tuesday that 90% of its shareholders voted to approve the company's merger with French communications and water provider
Vivendi
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, well beyond the two-thirds vote required.
Vivendi agreed to acquire Montreal-based Seagram in a $24 billion deal in June. Canadian, U.S. and European regulators have already cleared the merger, which will create Vivendi Universal from Seagram's Universal entertainment unit and Vivendi's Canal Plus cable TV unit. Vivendi plans to sell off Seagram's spirits business.
Shares of Seagram were recently up 4.6%, or $2.25, to $51.56 on the
New York Stock Exchange
, while shares of Vivendi gained 3%, or 38 cents, to $12.88 in composite trading.
