By Svea Herbst-Bayliss
Jan 6 (Reuters) – Comerica shareholders on Tuesday approved a $10.9 billion sale to larger rival Fifth Third Bancorp, according to two people familiar with the vote, ignoring an activist hedge fund’s calls to block the deal after having initially urged the bank to put itself up for sale.
At the special meeting, a preliminary tally showed 97% of Comerica shareholders voted in favor of the deal while 2.2% voted against it, according to one of the people, who asked not to be named because the vote is confidential. The merger will create the ninth-largest U.S. bank with $288 billion in combined assets.
Comerica did not return multiple requests for comment.
(Reporting by Arasu Kannagi Basil in Bengaluru and Svea Herbst-Bayliss in New York, Editing by Dawn Kopecki and Chris Reese)
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