UK: Tomkins' Shareholders Approve Proposed Sale of European Food Manufacturing Business and Share Buy-back
Tomkins PLC (NYSE: TKS) is pleased to announce that its shareholders approved both resolutions tabled today at an Extraordinary General Meeting. On July 21, 2000 Tomkins announced that it had entered into an agreement to sell its European food manufacturing businesses. The transaction is now conditional only on obtaining clearance from the European Commission, which is expected by the end of August. Since July 24, 2000 Tomkins has bought back 52.14 million of its ordinary shares for a cost of (pound)117.35 million. Tomkins now has permission to buy back up to a further 14.99 per cent of its outstanding ordinary shares. Tomkins is a global engineering group of businesses with market and technical leadership positions, manufacturing value added systems and components for the automotive, industrial and construction industries. Tomkins shares trade in the US in ADR form (each equal to four ordinary shares) on the New York Stock Exchange under the symbol TKS; its ordinary shares are listed on the London Stock Exchange.
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