Imperial Logistics' shareholders have voted in favour of Dubai Ports World's acquisition of the company.
In July, Imperial announced that it had received a R12.7-billion acquisition offer from the United Arab Emirates state-owned company for 100% of the group.
Imperial, which started off as a dealership in 1948 and grew into a logistics giant, provides its services across the healthcare, consumer, automotive, chemicals and industrials and commodities sectors.
The group announced on Friday that 86.15% of its shareholders had voted in favour of the deal. Once it has reached final approval, including that of competition authorities, the deal will see Imperial join a number of other South African companies that have caught the attention of foreign suitors.
Local Software group Adapt IT is in acquisition talks with Canada’s Volaris, while Heineken has set its sights on Distell, and Pepsico acquired Pioneer Foods last year.
Imperial’s CEO Mohammed Akoojee has previously said both companies have capabilities that complement each other. He said the deal would see DP World combining its port and global network with Imperial's inland road freight management, contact logistics and market access business.
It would also come with the added advantage of technology that Imperial doesn't have access to.