Southern Cross Media Group has sealed its acquisition of Seven West Media after securing approvals, as SWM's chief financial officer announces his departure from the merged media company.
Southern Cross Media Group has sealed its acquisition of Seven West Media after securing approvals, as SWM's chief financial officer announces his departure from the merged media company.
With the deal now complete, Seven West Media shares are set to cease trading and the new shares will begin trading under Southern Cross' tweaked ticker, SXL, on Thursday.
Shareholder received the scheme consideration of 0.1552 of SXL shares for each SWM share held on December 30, with SXL shareholders controlling 50.1 per cent of the company.
The deal has diluted the Stokes family’s combined interest in the enlarged media company, now down to 20 per cent from the 40.2 per cent it held through the diversified listed business it controls, SGH.
Kerry Stokes, who has been chair of Seven West since 2008, is due to depart the helm at the end of February.
The high-profile Perth businessman, and billionaire, will be handing the reins to SXL's chair Heith Mackay-Cruise.
But at the company's annual general meeting last year, Mr Stokes told shareholder he would remain close to the media company as a special adviser.
As of today, Seven West's Jeff Howard has assumed the role of managing director of the combined company, while SXL's boss John Kelly has moved to group managing director of audio.
Mr Stokes' son, Ryan, has retained a seat on the board, alongside Seven West's Teresa Dyson, Michael Malone, and MD Mr Howard, while SXL's representatives are Ido Leffler, Marina Go and chair Mr Mackay-Cruise.
Additionally, SWM chief financial officer Craig Haskins has announced his retirement, with present SXL CFO Toby Potter remaining on an interim basis while the company searches for a full-time replacement.
As the dust settles on the media deal, the Stokes-controlled SGH has mounted a $13.2 billion proposal to acquire the country's largest steel producer, BlueScope Steel, in partnership with the US' Steel Dynamics.
SGH boss Ryan Stokes wants to carve up the global steel maker, proposing to on-sell its North American division to Steel Dynamics and retain the rest.
The takeover proposal is expected to be an uphill battle, after BlueScope revealed it had previously knocked back three approaches from the US major.
SWM last traded at 12.5 cents, prior to a suspension of trade on Christmas Eve.
