Explosives and chemicals maker Orica Ltd
(ASX:ORI) says close to 99% of proxy votes have been made in favour of the demerger of its Dulux paint group from the company.
Orica shareholders are meeting today to vote on the proposed merger which is to be implemented via a scheme of arrangement.
According to the Australian Associated Press, counting of the votes has revealed that 98.9% has been in favour of the demerger.
In a presentation to investors before the vote, Chairman Peter Duncan recommended shareholders approve the demerger.
Mr Duncan says the demerger will enhance the value of shareholder investment in Orica.
If shareholders give the demerger the green light, it is likely that DuluxGroup will begin trading on the ASX as early as next week.
For the 12 months to September 30, 2009, Orica booked a profit of $541.8 million.
