Skywest shareholders approve Virgin takeover bid

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Shareholders of Australian regional carrier Skywest Airlines have approved the proposed takeover bid by Virgin Australia.

Skywest says that 143 million shares, representing 99.9% of total shares held by 159 shareholders, voted in favour of the deal.

The positive shareholder vote represents the satisfaction of another condition required to complete the proposed acquisition.

The proposed acquisition is still subject to certain conditions and regulatory approvals, including the approval of Australia's Foreign Investment Review Board and the sanction of the High Court of Singapore.

Virgin Australia announced its takeover bid for Skywest in October 2012, with Australian competition authorities clearing the bid in January this year. Virgin said at the time that the takeover will give it greater access to the resource charter market in Australia, and will allow it to accelerate the expansion of its regional network.

Flightglobal Pro shows that Skywest operates a fleet of 19 aircraft, comprising Fokker 50s, Fokker 100s and a single Airbus A320. It also operates 11 ATR 72s on behalf of Virgin, with a further 11 on order.