Only 7.39% of shareholders voted against the proposal.
Felix expects to apply to the Federal Court of Australia to approve the scheme of arrangement in the next few days, once the remaining pre-conditions have been met.
Yanzhou still requires China Securities Regulatory Commission approval, but Felix expects this to be granted in the near term.
Yanzhou owns the Austar longwall mine in the Hunter Valley through its subsidiary Yancoal Australia.
The cashed-up Chinese coal producer is set to continue the development of Felix’s upcoming Moolarben mine, which is expected to produce 6 million tonnes of thermal coal in 2010, with 4.5Mt destined for export and 1.5Mt for the domestic market.
Full ramp-up will have Moolarben exporting up to 13Mt per annum of product coal for export and domestic markets, with 8.8Mtpa from open cut and 4-4.2Mtpa from longwall mining.
Under stage 2 plans, Felix is seeking approval for up to 17Mtpa run-of-mine production, with 8Mtpa from longwall mining and the rest from four open cuts.
The acquisition of Felix’s portfolio of mines in New South Wales will give Yancoal potential coal blending opportunities and synergies with its Austar operation.
Yanzhou launched its takeover offer in August at $16.95 a share, but Felix’s two fully franked 50c dividends and a planned post-takeover 5c spin-off listing of its South Australian Coal Corporation subsidiary brought the package to $18 a share.
Felix shares are up 1c to $16.87.
