Reuters: Market News: Australia's Austar shareholders approve $2 bln Foxtel deal

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Australia's Austar shareholders approve $2 bln Foxtel deal Mar 30th 2012, 02:53 MELBOURNE, March 30 | Thu Mar 29, 2012 10:53pm EDT MELBOURNE, March 30 (Reuters) - Shareholders in Australian pay-TV firm Austar United Communications voted on Friday to approve a $2 billion takeover by larger rival Foxtel, part-owned by Rupert Murdoch's News Corp, eight months after the deal was first proposed. Shareholders at an extraordinary general meeting in Sydney voted in favour of the deal, a filing to the stock exchange showed, which still needs to win approval from the competition watchdog. The company said 1,143 shareholders by number supported the takeover, with 32 against, well above the 50 percent threshold required. The total number of votes in favour was 393.3 million, with 14.8 million against, well above the 75 percent threshold needed. The watchdog is worried that the deal would kill competition in pay-TV by merging the two main providers, Austar and Foxtel which is owned by Telstra Corp, News Corp and James Packer's Consolidated Media Holidngs.

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