In July Joy Global and Komatsu entered into a definitive merger agreement under which Komatsu would buy Joy for about $US3.7 billion. That purchase also included buying Joy’s debts.

Joy shareholders will get $28.30 a share.

The parties have received the necessary clearances under competition laws in the US and Canada and the transaction is on track to close by mid-2017. It could, however, occur earlier, perhaps in early 2017, depending on the progress of the remaining regulatory clearance procedures.

Joy president and CEO Ted Doheny welcomed the shareholder backing.

“Stockholder approval represents a key milestone on the path to completing the transaction, which will deliver compelling value to Joy Global stockholders and further our ability to lead the mining industry with product and service innovation to enhance mine safety and productivity,” he said.

“We are confident that combining with Komatsu is the best way to exceed the needs of our customers and look forward to expanding our offerings upon closing.”

The company has already received a fillip with Caterpillar declaring Joy to be the leader in the room and pillar underground coal market and ceding that sector to it.

Joy is already a challenger in the longwall space and, with the right resources, can push for dominance in that space as well.

Komatsu will be a good fit for Joy. It is a major player in the hydraulic shovel and surface truck space while Joy brings it hydraulic shovels and dragline and electric drive loaders.

Joy also launched an electric drive underground loader at this year’s Minexpo that looks like being a serious contender in that market.