Shareholders vote in favour of merger plan

07 August 2000 00:00  [Source: ICB]

An overwhelming majorityof Glaxo Wellcome and SmithKline Beecham's shareholders have approved their merger to form GlaxoSmithKline.

More than 99% of GlaxoWellcome (GW) and SmithKline Beecham (SB) shareholders voted in favour of the merger.

Shareholders also approved option plans for Jean-Paul Garnier, the chief executive officer-designate of GlaxoSmithKline, as well as plans for the company's middle management.

GW took a £9m ($13.5m) charge in the second quarter to cover initial costs of the merger, and has put aside a further £11m for future integration. SB took a similar charge of £13m in the first half of this year and has put aside £15m for restructuring its manufacturing.

The merger, which is scheduled for 25 September, still requires anti-trust clearance in the US and approval by the UK high court.

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