Millipore shareholders vote in favour of Merck KGaA takeover

Millipore’s shareholders have granted their overwhelming approval of the science company’s proposed takeover by Merck KGaA.

A special meeting of shareholders has been held by Millipore during which around 79 per cent of outstanding shares were voted, resulting in 98 per cent approval of the acquisition deal.

As a result of this, the takeover, which is valued at around $7.2 billion (4.9 billion pounds), is now expected to be completed early in the third quarter of this year.

Martin Madaus, chairman, president and chief executive officer of Millipore, expressed confidence that merging Merck KGaA will expand Millipore’s research and commercial capabilities and position it for future growth.

He added: “The overwhelming shareholder approval of the transaction is a testament to the value we have created for our shareholders, customers and employees over the past five years.”

Last month, Millipore published its financial results for the first quarter of 2010, reporting a 14 per cent year-on-year increase in revenues.