Independent News & Media's restructuring of its media operations in Australia and New Zealand is to go ahead after the unconnected shareholders in APN overwhelmingly approved the deal.

Independent has a 40 per cent stake in APN but as a related party did not vote on the proposal. Under the terms of a share issue, Independent's stake in the enlarged APN will rise to 45 per cent. APN is spending €690 million (£543 million) acquiring Independent's wholly-owned New Zealand subsidiary, Wilson & Horton.