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Ocado's shareholders approve Morrisons venture Ocado's shareholders approve Morrisons venture
(2 months later)
Morrisons came a step closer to launching an online grocery operation on Thursday when shareholders in online grocer Ocado voted overwhelmingly to approve a £200m link up between the two businesses.Morrisons came a step closer to launching an online grocery operation on Thursday when shareholders in online grocer Ocado voted overwhelmingly to approve a £200m link up between the two businesses.
Under the deal Morrisons is buying Ocado's technology and a warehouse to launch a website by January, making it the last of the big four supermarkets to offer home grocery deliveries. Tesco, Asda and Sainsbury's have all had grocery deliveries for several years, a sector worth £5.6bn and expected to double within a decade.Under the deal Morrisons is buying Ocado's technology and a warehouse to launch a website by January, making it the last of the big four supermarkets to offer home grocery deliveries. Tesco, Asda and Sainsbury's have all had grocery deliveries for several years, a sector worth £5.6bn and expected to double within a decade.
There was little doubt that the vote would pass. Ocado shares have jumped 134% since it the first revelations that the two companies were in talks.There was little doubt that the vote would pass. Ocado shares have jumped 134% since it the first revelations that the two companies were in talks.
Since then, Ocado says it has been approached by international companies also keen to buy its software and expertise, and said it was confident the Morrisons agreement did not conflict with its relationship with rival Waitrose.Since then, Ocado says it has been approached by international companies also keen to buy its software and expertise, and said it was confident the Morrisons agreement did not conflict with its relationship with rival Waitrose.
Thursday's vote took place in London in a specially arranged extraordinary general meeting, with new chairman Sir Stuart Rose in charge. It was the first public meeting the former Marks & Spencer boss has held since he took over from Lord Michael Grade earlier this year.Thursday's vote took place in London in a specially arranged extraordinary general meeting, with new chairman Sir Stuart Rose in charge. It was the first public meeting the former Marks & Spencer boss has held since he took over from Lord Michael Grade earlier this year.
Unlike Grade, Rose did not ban the press – after the former ITV boss refused to allow journalists into the annual meeting in May, fearful that their presence would "stifle debate".Unlike Grade, Rose did not ban the press – after the former ITV boss refused to allow journalists into the annual meeting in May, fearful that their presence would "stifle debate".
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