Shareholders approve Mead Johnson acquisition

Mead Johnson stockholders have approved the Glenview-based company's acquisition by Reckitt Benckiser Group in a $16.6 billion deal, the company said.

Approximately 70 percent of shareholders favored the transaction, with 97 percent of all shares voted being cast in favor during a special meeting in Chicago Wednesday.

Shareholders of U.K.-based Reckitt Benckiser approved the acquisition at a general meeting in London on Wednesday.

The acquisition, announced in February, will bring the maker of Enfamil and Nutramigen baby formula into RB as a separate division.

RB is a global manufacturer of consumer goods, including brands ranging from Lysol cleaner to Air Wick air freshener and Scholl foot care products. The firm said adding Mead Johnson brands to its portfolio will help boost sagging sales in other areas.

"We are pleased to have received such strong support for this transaction from our stockholders," said Kasper Jakobsen, president and CEO of Mead Johnson. "In addition to providing our stockholders with significant and immediate value, this transaction also creates attractive opportunities to increase our scale and diversification, enabling our business to even better serve a larger consumer base."

Completing the deal is subject to conditions including approval from the Ministry of Commerce of the People's Republic of China. It is expected to be completed at the end of the second quarter or beginning of the third quarter this year.