Picture is courtesy of Bill Henry.
CUMBERNAULD-BASED soft drinks manufacturers AG Barr are closer to a merger with English rivals Britvic after the shareholders of both companies backed the proposals.
The pro-merger vote comes after months of negotiations which began in November last year, with extensions being sought to further continue talks shortly before December.
The all-share deal will see the new company called Barr Britvic Soft Drinks plc and will give Britvic shareholders 63% of the new co. and AG Barr shareholders 37%, according to BBC News.
The supportive vote by shareholders means that the deal is moving closer to the suggested tie-up date of 30th January, subject to regulatory approval.
The new company can expect to see annual sales of more than £1.5bn, making it one of Europe's largest soft drinks companies. Although controversy has surrounded the announcement that the merger could see about 500 jobs cut from a combined workforce of just over 4,000 members of staff.
Following the marriage of the two companies the organisation’s head office of Barr Britvic will be in Cumbernauld whilst the new group's operational headquarters will be located at Britvic's existing head office in Hertfordshire.
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