BenQ shareholders voted Thursday in favor of a plan for the Taiwanese electronics maker to take over Siemens AG's mobile phone division, bringing the two companies one step closer to a deal.
Siemens shareholders are slated to vote Thursday as well. A "no" vote by Siemens
stockholders would block the transaction.
The two companies struck a deal last month for BenQ to take over Siemens' loss-making
handset division and try to turn it around.
The German electronics giant will also purchase a $50 million stake in BenQ to solidify the
deal. BenQ said Thursday that it would sell US$150 million worth of shares later this year
in the form of global depositary receipts as part of the arrangement.