General Cable Corporation’s shareholders have approved the acquisition of the company's 100% share by Prysmian Group.
As announced in December last year, Prysmian Group agreed to acquire General Cable for USD 30 per share.
Approximately 75.34% of the total number of shares of common stock outstanding and entitled to vote at the shareholder's Special Meeting and approximately 99% of the total votes were in favor of the merger, Prysmian said.
The completion of the acquisition is expected to take place by the third quarter of 2018, depending on regulatory approvals and other customary closing conditions.
Norddeutsche Seekabelwerke GmbH (NSW), a subsidiary of General Cable, recently won a contract by Van Oord to design, produce and deliver 45km of medium-voltage submarine power cables for the inter-array grid of the Deutsche Bucht offshore wind farm.