MyTravel Shareholders Approve Merger With Thomas Cook

MyTravel Group Plc shareholders approved the U.K. holiday company's plan to merge with Thomas Cook AG at a meeting in London today.

The transaction, announced on Feb. 12, aims to cut costs and combat competition from low-cost airlines and Web-based travel agents. The merged company, Thomas Cook Group Plc, will have annual revenue of about 8 billion pounds ($16 billion), and save at least 95 million pounds a year before tax. The deal was approved by European Union regulators on May 4.