Soul Patts, Brickworks shareholders approve $14b merger
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The news: Soul Patts and Brickworks shareholders have voted overwhelmingly in favour of a $14 billion merger.
The numbers: Of the Soul Patts shareholders present and voting at a general meeting today, 96.84% voted in favour of the scheme, with 92.42% of the total votes cast were in favour.
Of the Brickworks shareholders present and voting, 97.40% voted in favour of the scheme, with 98.81% of the total votes cast were in favour.
Soul Patts and Brickworks shareholders on the register as of 22 September will receive the merged company's shares and the share scheme is expected to be settled on 23 September.
The merged company will take the name Washington H. Soul Pattinson and Company after scheme settlement and trade under the ticker SOL.
Soul Patts shareholders will receive one Washington H. Soul Pattinson and Company share per Soul Patts share they own while Brickworks shareholders will receive 0.82 Washington H. Soul Pattinson and Company shares each.
The context: The share schemes still remain subject to court approval, with the hearing scheduled for 12 September 2025.
Subject to this approval, Soul Patts and Brickworks plan to lodge copies of the court’s orders with the Australian Securities and Investments Commission, at which point the scheme will take legal effect.
On this timeline, Soul Patts and Brickworks shares will be suspended from trading on the ASX after market close on 15 September.
Washington H. Soul Pattinson and Company shares will then commence trading on a deferred settlement basis from 16 September and normal settlement basis from 24 September.
