Australia's Magellan Financial secures majority proxy vote for Barrenjoey takeover
10/04/2026 01:54
April 10 (Reuters) - Australia's Magellan Financial MFG.AX said on Friday proxy votes received ahead of an extraordinary general meeting showed more than 91% support for a resolution to approve share issuance tied to its proposed takeover of investment bank Barrenjoey. The fund manager is seeking approval to issue about 106.8 million shares to acquire Barrenjoey outright, lifting its economic interest from around 46% to 100%, subject to regulatory approvals. Magellan has valued Barrenjoey at about A$1.62 billion ($1.15 billion), with the deal set to expand its business into advisory, capital markets, equities and fixed income. ($1 = A$1.4144) (Reporting by Roushni Nair in Bengaluru; Editing by Sumana Nandy) ((Roushni.nair@thomsonreuters.com))
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