FLSmidth announced that the shareholders of Ludowici have approved the proposed Scheme of Arrangement whereby FLSmidth will acquire all the shares in Ludowici. FLSmidth and Ludowici have also now received all of the regulatory approvals (including Australian approvals from the ACCC and FIRB) required for the transaction.
Ludowici will, in accordance with Australian law, apply for court approval at the second court hearing where the Scheme of Arrangement shall be finally approved. The hearing is expected to be held June 8, 2012. Closing of the transaction, which remains subject to a number of customary conditions, is expected to occur in July.