Broker merger approved

The merger of London brokers Braemar Shipping Services and ACM Shipping has been sanctioned by the UK high court of justice.

ACM said the court approved the scheme on Wednesday, leaving the path clear for a tie-up in which Braemar will buy all of its rival's shares.

The deal still remains conditional on the formality of the UK Listing Authority and the London Stock Exchange agreeing to admit the new Braemar shares.

Wednesday is the last day for dealings in ACM stock.

ACM shareholders are getting two new Braemar shares plus £2.50 ($4) in cash for every five ACM shares.