Voters OK Bank of New York-Mellon deal |
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Published
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Mon, 04 Jun 2007 21:17
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PITTSBURGH (AP) - Shareholders overwhelmingly approved Bank of New York Co.'s planned $16.5 billion takeover of Mellon Financial Corp., according to official voting results released by the two companies Monday.The all-stock deal, which was announced in December, would create the world's largest securities-servicing company and one of its biggest asset managers. The transaction is expected to be completed between July and September.Mellon and Bank of New York held separate shareholder meetings in Pittsburgh and New York last month to vote on the proposed transaction.More than 98 percent of the votes cast by shareholders of each company favored the transaction. A total of about 326 million votes were cast by Mellon investors and about 615 million by holders of Bank of New York stock.Robert P. Kelly, Mellon's president, chairman and chief executive, has been tapped to become the new company's chief executive. He joined Mellon in February last year and received 2006 compensation that Mellon valued at $20.37 million, according to a proxy statement.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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CEO: Mellon investors approve takeover 