BT names the date for EE vote
BT shareholders will be asked to approve the £12.5bn acquisition of mobile network EE at a general meeting on 30 April.
Shareholders are being invited to the meeting at Old Billingsgate at 10am.
A simple majority is all that is required for the takeover to go ahead, although it is still subject to heavy scrutiny from the Competitions and Markets Authority.
The deal, which will give BT access to EE’s 31m customers and the largest 4G network in Europe, will be paid in a combination of cash and ordinary BT shares, issued to both Deutsche Telekom (DT) and Orange. If the deal goes ahead, DT will own 12 per cent of BT, making it the largest single shareholder, and will be permitted to appoint one non-executive member of the BT board of directors. Orange will hold a four per cent stake.
Today BT also confirmed that Phil Hodkinson will step down from the board at the end of next January, marking 10 years as a non-executive director.
Hodkinson has most recently been chairman of the equality of access board since January 2012, having also spent five years as chair of BT’s audit and risk committee.