UK food, ingredients and retail group Associated British Foods (ABF) announced on Friday that the minority shareholders of its Australian bakery subsidiary, George Weston Foods Limited, have voted in favour of a proposal for a selective capital reduction and the payment of a special dividend.
As a result all shares not already owned by ABF will be cancelled in return for a payment totalling Aus$6.60 per George Weston share.
It is expected that George Weston will become a wholly-owned subsidiary of ABF on 20 September 2002 and the shares of George Weston will be delisted from the Australian Stock Exchange on 27 September 2002.