HSBC Wins Hang Seng Shareholder Backing for $14 Billion Buyout

Hang Seng Bank Ltd.’s minority shareholders backed a $14 billion buyout offer from parent HSBC Holdings Plc, supporting the UK lender’s move to double down on Hong Kong.

Almost 86% of shareholders voted in favor of the offer at a meeting held in Hong Kong on Thursday. The deal required at least 75% of the votes cast by minority shareholders to be in favor and not more than 10% against it. The listing of Hang Seng Bank shares on the Hong Kong Stock Exchange is expected to be withdrawn effective 4 p.m. local time on Jan. 27, it added.