Fairfax Media to be removed from S&P/ASX200

Company News

by Rachael Jones

S&P Dow Jones Indices will remove Fairfax Media (ASX:FXJ) from the S&P/ASX200 subject to final approval of the scheme of arrangement where the company will merge with Nine Entertainment Co Holdings (ASX:NEC).

In a brief shareholder meeting earlier this week 81.49 per cent of shareholders voted in favour of the merger with Nine Entertainment Co.

Although it is labelled as a merger, the split of the company gives Nine 51 per cent equity in the new business and control.

Shares in Fairfax media (ASX:FXJ) closed -0.79 per cent lower to $0.63 yesterday.
Nine Entertainment Co Holdings (ASX:NEC) Shares closed -0.59 per cent lower to $1.68. 

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