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ACCO Brands Shareholders Approve Merger With MeadWestvaco's Consumer Unit

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ACCO Brands Corp. (ABD: Quote) announced that its shareholders overwhelmingly approved a proposal to complete the merger of MeadWestvaco Corp.'s (MWV: Quote) Consumer & Office Products business with a wholly owned subsidiary of ACCO Brands.

ACCO Brands stated that the new shares to be issued will begin trading on a when-issued basis tomorrow, April 24, 2012, under the NYSE ticker symbol "ACCO wi." The completion of the merger remains subject to the satisfaction or waiver of several conditions but it is expected that the merger will be completed before the opening of NYSE trading on May 1, 2012.

Effective with the opening of trading on May 1, 2012, and assuming completion of the merger prior to that time, all outstanding ACCO Brands common stock will trade under the new ticker symbol "ACCO", the company said.

In November, 2011, ACCO Brands and MeadWestvaco had said it signed a definitive agreement to merge MeadWestvaco's Consumer & Office Products business into ACCO Brands in a transaction which was valued at approximately $860 million at the time of the announcement. Following the completion of the transaction, MeadWestvaco shareholders will own 50.5 percent of the combined company.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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With disappointing earnings news generating some selling pressure, stocks have moved mostly lower in early trading on Friday. The major averages have slid firmly into negative territory after ending the previous session nearly flat. After reporting an unexpected drop in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Friday showing that durable goods orders rebounded by more than expected in the month of June. British economic growth remained high as expected in the second quarter as a robust expansion in the dominant service sector, and industry completely offset the slight weakness in the construction sector. With the second quarter expansion, GDP returned to its pre-crisis level. Gross domestic product grew 0.8 percent sequentially in the second quarter, the same rate as seen in the first quarter.
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