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The Australian Federal Court yesterday approved a A$357 million (NZ$404 million) takeover of PowerTel - Australia's second largest fixed-line broadband company - by Telecom.
At a meeting last week PowerTel shareholders voted in favour of a scheme of arrangement giving Telecom 100 per cent of the company for A$2.30 per share.
The proposal had the unanimous support of the PowerTel board. PowerTel will delist from the Australian Stock Exchange at the close today.
