RTZ and CRA to proceed with merger

Shareholders of both RTZ (NYSE) and Australian-based mining giant CRA have voted in favor of merging the two companies under a unique arrangement whereby each will continue to trade separately.

Both companies will remain essentially as they are; however, they will divide their earnings equally, and share the same board of directors and management.

John Uhrig, chairman of CRA, will become deputy chairman of RTZ, and Robert Wilson, chief executive officer of RTZ, will become a deputy chairman of CRA. Wilson is also expected to replace RTZ Chairman Derek Birkin, when the latter retires. Each shareholder of CRA would be given a bonus issue of 75 shares for every 1,000 shares owned.

Shares of RTZ are traded on the New York Stock Exchange in the form of American depositary receipts, each of which represents four ordinary shares of RTZ.