Waste Management has received official approval for its sale to the New Zealand arm of Australia's Transpacific Industries.

The New Zealand Overseas Investment Office says the July 3 merger can go ahead, and Waste Management shares will be delisted here on June 27.

Shares will cease trading on the New Zealand exchange on June 22 and in Australia on June 21.

Shareholders approved the $870 million sale last month amid debate about another New Zealand company being sold to Australian interests.

Waste Management has always been a strong performer, but its managers said it could not expect to continue to grow at 20 per cent a year unless it expanded into Australia.

Transpacific paid $8.842 a share, 22c higher than the pre-offer price.

A special fully imputed dividend of 54c a share will be paid to shareholders on June 30.

Source