Vote paves the way for the merger to complete by January 30, subject to regulatory approval
Shareholders in Irn-Bru maker AG Barr and Britvic have voted in favour of the firms' merger proposals.
A vote at Cambuslang-based Barr's annual general meeting today (Tuesday), paves the way for the merger to complete by January 30, subject to approval from the Office of Fair Trading (OFT).
AG Barr and Britvic agreed merger terms last November.
The all-share deal will lead to around 500 jobs being cut from a combined headcount of around 4,300 people.
The combined group, which will be called Barr Britvic Soft Drinks plc, will create one of the largest drinks companies in Europe with annual sales of more than £1.5 billion.
If approved by the OFT, the combined group will be headquartered at AG Barr's existing head office in Cumbernauld and the operational headquarters will be located at Britvic's existing head office at Hemel Hempstead.
Britvic shareholders will hold approximately 63 per cent of the issued shares in the merged company and AG Barr shareholders will hold a 37 per cent stake.
If approved by the OFT, AG Barr chief executive Roger White will be chief executive of the combined group and John Gibney, currently chief finance officer of Britvic, will take up the role of chief finance officer.
Gerald Corbett, the current Britvic non-executive chairman, will become the non-executive chairman of the combined group, and Ronald Hanna, the current chairman of AG Barr, will become the non-executive deputy chairman.
The merged group's board will also include a further six non-executive directors, three nominated from each of AG Barr's and Britvic's boards.