VGG shareholders approve Shanks merger

Shanks said on Friday that shareholders of Dutch waste collection company van Gansewinkel Groep B.V. (VGG) have approved the merger between the two.

The London-listed waste management firm noted the deal remains subject to Shanks shareholder approval and anti-trust clearance.

At the end of September, Shanks agreed the final terms of the deal, agreeing to pay cash and shares to VGG's ultimate beneficial shareholders totalling €482m to acquire the business on a cash- and debt-free basis.

The merger is expected to create one of the largest and most advanced waste-to-product businesses in the world, achieving annual cost synergies of roughly €40m after three years together.

At 0945 BST, Shanks shares were up 0.7% to 113.55p.