Li & Fung shareholders approve acquisition of IDS (Hong Kong)
Li & Fung Limited, shareholders gave strong support for the company’s proposed acquisition of Integrated Distribution Services Group Limited (“IDS”) by way of privatization pursuant to a scheme of arrangement.At a Special General Meeting of Li & Fung held on September 13, 2010, shareholders voted 99.80% in favour of the transaction. The Scheme is subject to the outcome of IDS’s court meeting and Special General Meeting.
Commenting on the approval, Bruce Rockowitz, President of Li & Fung (Trading) Limited said: “We are pleased with the outcome of the voting which represents a major step towards implementing our strategy to extend our geographical penetration and enlarge our service offerings and, at the same time, will provide significant benefits for shareholders, employees and other stakeholders.”
Li & Fung Limited is a Hong Kong-headquartered multinational export group and recognized as the world's leader in consumer goods design, development and sourcing. From over 80 offices in the United States, Europe, Africa and Asia, the Group manages the supply chain for retailers and brands worldwide and sources from more than 40 economies.
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